Budget
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.
Eric Adams Tells Panel Looming Deficits Are ‘Manageable.’ Budget Watchdogs’ Forecast Isn’t So Sunny.
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.
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.
GOT A TIP?
We’re here to listen. Email tips@thecity.nyc or visit our tips page for other ways to share.
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.
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.
In case you missed it
- Scandal-Scarred Deputy Mayor Cuts Commissioner Out of Loop to Meet With Police Brass
- 2022 Was Worst Year for Heat-Related ER Visits Since 2018
- NYC Economic Development Corporation Abruptly Evicts Beloved Red Hook Playground
- Did the Pandemic Affect Your NYC School’s State Test Scores? Find Out Here.
- As NYC School Board Meetings Return In Person, Will Parent Participation Dwindle?
LOCAL NEWS POWERED BY NEW YORKERS.
We cover the uncovered, hold the powerful accountable, and make sense of the greatest city in the world.