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Annual Update: Metropolitan Transportation Authority’s Debt Profile
As 2020 began, the Metropolitan Transportation Authority (MTA) was already facing challenges in balancing its budget, along with missed capital commitment goals, capital funding risks and escalating debt service costs. The COVID-19 pandemic has exacerbated these troubling trends. The MTA was able to balance its 2020 and 2021 budgets with federal emergency relief and funds that had been earmarked for capital purposes. The authority now faces out-year gaps it intends to close with additional federal aid and borrowed funds, and it must advance a capital program that has barely started.
The Tourism Industry in New York City: Reigniting the Return
New York City is a top global destination for visitors drawn to its museums, entertainment, restaurants and commerce. The City is also host to conventions and trade shows, and major athletic events such as the New York City Marathon and the U.S. Open. The industry experienced strong growth in employment and wages in the decade preceding 2020. OSC estimates the industry lost nearly a third of its employment in 2020. Visitors and their spending are not projected to reach pre-pandemic levels before 2025. Employment is unlikely to rebound fully before visitor spending.
The Construction Industry in New York City: Recent Trends and Impact of COVID-19
The COVID-19 pandemic brought a halt to the growth of the construction industry nationwide which, prior to the pandemic, had been growing strongly. This was especially true in New York State and New York City. Before 2020, the nation’s construction employment increased for nine consecutive years, though it never met the peak reached before the Great Recession. However, in the State and the City, jobs reached a record high by 2015. Construction employment in the City grew especially robustly, rising by 43.5 percent from 2011 to 2019, the City’s fastest-growing sector during this period.
Recent Trends and Impact of COVID-19 in the Bronx
Prior to the COVID-19 pandemic, the Bronx was on a trajectory of growth. It attracted new residents, particularly immigrants, at a higher rate than any other borough, and experienced solid improvement in employment and new businesses. In spite of these trends, most Bronx neighborhoods faced higher risks for negative health and economic outcomes from the pandemic. Characteristics that reflect economic and social inequities, such as lower household incomes, higher poverty rates, jobs less conducive to remote work and a higher share of minority residents, made the Bronx particularly vulnerable.
State of Oklahoma Single Audit Report for the Fiscal Year Ended June 30, 2020
The State of Oklahoma Single Audit Report for the fiscal year ended June 30, 2020 contains the independent auditor’s reports on compliance for each major federal program, on internal control over compliance, and on the Schedule of Expenditures of Federal Awards (SEFA) required by Uniform Guidance. Additionally, the Statewide SEFA is included and reflects $10,130,470,891 in federal expenditures during the year. The total federal expenditures increased by approximately $3 billion from SFY2019 due to the receipt of additional federal funding because of COVID-19.
Department of Public Health Safety and Corrections - Corrections Services: Financial Audit Services Management Letter
As a part of our work related to the Single Audit of the State of Louisiana (Single Audit) for the fiscal year ended June 30, 2020, we performed procedures at the Louisiana State Penitentiary (LSP), Elayn Hunt Correctional Center (EHCC), and Adult Probation and Parole (P&P) facilities within the Department of Public Safety and Corrections – Corrections Services (Department) to evaluate the effectiveness of the Department’s internal control over compliance and determine whether the Department complied with applicable laws and regulations.
Prosper Portland Emergency Grants: Standards Needed to Ensure Program Integrity
Prosper Portland’s Small Business Relief Fund provided a lifeline during the early days of the pandemic. Staff successfully delivered dollars to struggling businesses but in haste, short-changed program integrity. We make recommendations for building a stronger program the next time disaster strikes.