Budget
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Hochul Faces $5 Billion Choice as Tax Boost Arrives Amid Cuomo Unemployment Debt
As the new governor begins to put her own imprint on the state’s finances, she’ll have to make a series of decisions that show whether she is prepared to make a sharp break with the policies — and appointees — of the previous administration.
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CUNY Insider Sounds Battle Call on Tight Public University Budget
The $26 million in restored state aid to NYC’s public colleges — along with a recent tuition freeze — only "keeps us treading water," warns Trustee Henry Berger. He’s calling for an "organized campaign" to fight for funding, saying it’s time to "yell."
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NYC’s $100 Billion Budget Deal May Leave Whopping Deficits for New Mayor, Critics Say
Unprecedented federal aid and better-than-expected tax revenue restored cuts and boosted education funding. But experts and advocates call de Blasio’s proposed spending plan a "missed opportunity" for stabilizing city finances.
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Bank Shot: Financial Giants’ Return to Manhattan Gives Smaller Businesses Hope
Goldman Sachs and J.P. Morgan have told their workers to plan to be back in the office — raising prospects that New York’s economic recovery may finally pick up speed.
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Retired City Workers Recoil at Coming Cost-Saving Medicare Shift
Impending move to privately managed health plans could save taxpayers as much as $600 million annually — at a high cost to retirees, who may have to pay more for less care and fewer doctor choices, some warn.
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How New Yorkers Cut Out of Unemployment and Stimulus Checks Can Tap $2.1B Fund
Some 300,000 undocumented New Yorkers are now eligible for help under the historic Excluded Workers Fund established in the state budget. But there are still some more hurdles to get the cash. Here’s a breakdown.
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NYC Schools to get Billions of New Dollars Under State Budget Deal
Education advocates are optimistic that this spending plan will help districts create programs for students’ academic and mental health needs.
Weakened Cuomo, Lawmakers Reach Deal on Massive $212 Billion Pandemic Budget
The fiscal plan raises taxes on wealthy New Yorkers, creates a fund for undocumented workers excluded from financial assistance and helps seed Cuomo’s overhaul of Penn Station.
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Albany’s Tax-the-Rich Deal Sends Wealthy to Washington Looking for Relief
Billions in hikes mark a defeat for Cuomo and business leaders who warn of an exodus unless Biden restores state and local deductions. The deal represents a victory for progressives who say the rich must pay more COVID costs.
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Tax-the-Rich Push Drives High-Stakes Cuomo State Budget Showdown
Federal aid and higher-than-expected tax revenues are enough to fill the pandemic budget gap. Progressives say more taxes are needed to repair COVID-19 damage while tax opponents argue a hike would drive high-earners from New York.
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City Council Members Bringing Back Participatory Budgeting for Some, Not All
Four lawmakers — three running for higher office — are offering online adaptations of the program that allows community members to pick programs to fund. But the delayed citywide version remains on a pandemic pause.
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Biden’s $1.9 Trillion Stimulus Will Put Share of Billions into Millions of New Yorkers’ Pockets
More than half of the people in the city are due for $1,400 stimulus checks, while many will benefit from boosts to child tax credit and unemployment benefits. But Cuomo still warns of a potential tax hike on the rich.
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Cuomo Sees State Budget Upturn Even as He’s Deeply Enmeshed in Scandals
New tax revenue projections and the promise of a Biden pandemic stimulus boost spell good budget news for the state and city. But the governor’s trouble loom over every decision ahead — including whether to further tax the rich.
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Unpaid Property Taxes Leap in New York City as Tenants and Landlords Struggle
The $1.3 billion in pandemic-driven arrears surpasses the debt driven up during the last financial crisis. There’s a split, though, over whether the void will throw the city budget into turmoil.
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NYC Ferry Gets New $64 Million Boost From de Blasio-Controlled Board
Despite a pandemic ridership plummet and city budget woes, boats remain on course for route expansions to Staten Island, Manhattan’s west side and Coney Island — with a torrent of additional funding from the NYC Economic Development Corporation.
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Unemployment Claims Jump as the City’s Budget Picture Grows Bleaker. Can Joe Biden Help Stem a Deeper Pandemic Recession?
Some 1.4 million New Yorkers are getting unemployment benefits, with jobs expected to decline for the first time since April. Meanwhile, de Blasio says we’re now looking at a $5.25 billion city budget shortfall. Politicians are turning to Washington.
NYC Jobs Won’t Bounce Back Until at Least 2024, IBO Says. But State and City Budget Holes Not as Big as Feared
The mixed verdict from the city Independent Budget Office pointed to long-term economic damage from the pandemic downturn, which has left hundreds of thousands of New Yorkers jobless, behind in rent and food-insecure.
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What the $900 Billion Federal Pandemic Aid Deal Means for New Yorkers
The package offers temporary relief for the unemployed, small business owners and others. It also will help the MTA avoid massive transit cuts. But dealmaker Sen. Chuck Schumer emphasized it’s just a Band-Aid.
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Pandemic Budget Band-Aid Could Help Plug Gaps. But Here’s Why It’s No Cure-All
New York’s immediate fiscal picture is less dire than feared, thanks largely to bigger-than-expected tax revenues and an anticipated cash infusion from Washington. But the outlook for next year’s state and city budgets is bleak.