Independent Budget Office
For Final Budget Act, de Blasio Makes $4B in Red Ink Disappear — But Leaves Adams Billions of Worries
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.
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.
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.
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.