Budget

The MTA and programs for renewable energy and mental health receive boosts — but progressives’ minimum wage hike and corporate tax hike demands got no traction.
Industry groups and advocates put the heat on Adams and Hochul to tap higher-than-expected tax revenue for housing, homeless shelters, job training and more.
The police department was previously budgeted for $454 million in overtime pay for the current fiscal year — but is already on pace to spend over $820 million.
The financial plan released Thursday sets up a monthslong process of negotiation and hearings within the City Council.
At an MTA hearing on Wednesday, board members also approved a budget that anticipates service cuts and fare hikes.
A Bronx parking deal on city-owned land since 2010 has failed to yield city taxpayers a single dime, while the bill owed continues to grow — by $17 million in 2021 alone.
Documents show the mayor’s counsel readying to recruit pro bono legal staffing from private law firms, as low pay and strict work conditions leave hundreds of jobs vacant.
The mayor on Tuesday briefed the Financial Control Board, created to steer the city out of the 1970s fiscal crisis but now powerless to intervene.
The cancellation of a proposed cost-saving health plan after retired city workers sued could drain a special fund City Hall and unions use to pay employee benefits.
The ruling means that until the City Council revisits the budget, New York City must fund the school system at the same levels it did last fiscal year.
New comptroller numbers suggest City Hall will have to restore several billion dollars to keep retirees’ benefit investments replenished, as stock performance lags projections.
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City comptroller reports estimated income tax payments are down by nearly one-third, driven by sharp drops in Wall Street capital gains.
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.
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.