The details behind our latest economic forecast, estimate of tax revenues, and projection of spending based on the Mayor’s Executive Budget and Financial Plan through 2024.
REPORT: Washington has enacted four relief bills related to Covid-19. How much of this funding will flow to the city budget and how much to other key local agencies such as the housing authority and public hospitals.
TESTIMONY: IBO Director Ronnie Lowenstein presents the New York City Council with an overview of IBO’s latest economic forecast and our estimates of revenue and spending under the Mayor’s Executive Budget.
As local tax revenue and aid from Albany decline due to the economic fallout from the coronavirus pandemic, Mayor de Blasio has proposed using a substantial share of reserve funds to help balance the city’s budget. We look at the city’s different reserve funds and the Mayor’s plan for using them.
PUBLIC SCHOOL INDICATORS: We’ve updated two sections of this resource--the section on school funding and spending and the one on crowding in school buildings.
REPORT: The Covid-19 pandemic has played havoc with the city’s economy. We make some initial estimates of the resulting job losses and tax revenue declines compared with our estimates from just a couple of months ago.
NYC BY THE NUMBERS: Subway ridership is way down. Which stations have seen the biggest declines in passenger entrances and what might plummeting ridership mean in terms of lost revenue for NYC Transit?
The tumbling stock market has inevitably taken a toll on the value of the city’s pension funds. That means the city may have to increase its contributions to the funds by tens of million—if not hundreds of millions--of dollars in the coming years. We look at a few scenarios.