Budget
The new budget also significantly increases New York City’s “rainy day fund,” but will not be official (or detailed) until the Council’s vote next week.
Pointing to higher-than-predicted tax revenues, the city’s chief fiscal officer will urge the mayor and City Council to adopt a savings formula to ensure funds to weather recessions.
From union pay raises to borrowing costs to pension funds, the rising cost of doing business could upend the mayor’s nearly $100-billion spending plan.
Bolstered by higher than expected revenues, the mayor’s city spending plan adds money for a gun crime unit, correction officers, affordable housing, child care and more, while watchdogs urge more savings.
Booze-to-go cups, a gas tax holiday that could hit the MTA, and bail reform highlight Albany’s “conceptual agreement” — for now.
Gov. Kathy Hochul seeks to spend an additional $10 billion to help pull New York out of its COVID crisis — sums topped by the legislative leaders she’s negotiating a final deal with. Business leaders warn New York can’t afford extensive new commitments.
“Participatory budgeting” directing funds to community projects comes to parts of the borough formerly on the sidelines — but some local reps are reclaiming control over funds formerly steered by the people.
Can NYC Live Without Its $1.7-Billion-a-Year Developer Tax Break? Dueling Claims Define Budget Talks
Budget watchdog warns letting the 421-a program lapse will doom needed new housing development, while city comptroller urges cancellation along with a property tax overhaul.
Broad cuts, and flat NYPD funding, meet new investments to fulfill campaign promises and promote equity.
City assessors say our real estate is now worth a record $1.4 trillion, but budget watchdogs warn not to count on every penny quite yet.
De Blasio gave $23 million in aid to keep the ailing boat network afloat before leaving office last year, as expansion plans cruise ahead.
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The mayor’s final fiscal projection still shows gaps of almost $8 billion for Eric Adams’ first term, provides no money to finance pay raises as contracts with municipal unions expire — and leaves the next administration facing a “fiscal cliff” of almost $2 billion.
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.
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.”
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.
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.
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.
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.
Education advocates are optimistic that this spending plan will help districts create programs for students’ academic and mental health needs.
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.
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.
In case you missed it
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- DOC Delays Solitary Switch at Last Minute After ‘Risk Management’ System Panned
- After Bruen, New York Lawmakers Plan to Go ‘Right Up to the Line’ to Restrict Gun Access, But Do Their Proposals Cross It?
- Socialists and Big Business Both Lose Bids to Sway State Assembly Elections
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