Despite the increased number of jobs in New York City between 2011 and 2012, employment of city residents did not increase, leaving the unemployment rate high and leading to an analysis of these contradictory statistics.
Based on IBO's tax and spending projections under the Mayor's November 2012 Financial Plan, the city faces a budget shortfall of $811 million in the upcoming fiscal year, a relatively modest
1.6 percent of out forecast for city-generated revenues. IBO's projected shortfall for the following year, fiscal year 2015, is $1.7 billion, 3.1 percent of expected city-generated revenues.
Includes IBO Expenditure Projections, IBO Revenue Projections, Pricing Differences Between IBO and the Bloomberg Administration, and IBO versus Mayor's Office of Management and Budget
Economic Forecasts.
The IBO has modeled five scenarios and how each would alter the amount of federal income taxes paid by New Yorkers in 2013. For each of the five possible outcomes considered, IBO estimates how much in income
taxes would flow from the city to the federal treasury as well as how the amounts owed by New Yorkers at various income levels are affected.