This IBO report examines the distribution of ICIP benefits and describes the programmatic changes between ICIP and the new Industrial and Commercial Abatement Program.
This New York City Independent Budget Office fiscal brief gives a background and data on the AIDS epidemic in New York City. Included in this brief are caseloads and finances related to treating AIDS, reflections on efforts being taken to combat the epidemic at the time, and projections for the future.
The Economic Development Corporation is required to issue annual reports on the discretionary economic incentive deals it makes with businesses and nonprofit organizations that affect New York City.
This guide is to help get New Yorkers to understand and participate in the city's budget process by outlining the components of the city's budget, the timelines and processes for adopting it, and providing an overview of how the city raises revenues and how those revenues are spent.
This report details the City's economic and financial state for Fiscal Year 2007. The downturn in the nation's housing and mortgage markets produced budgetary risks for the City and revenue projections remain low. The City must work to overcome these challenges.
This report details the City of New York's financial and economic state for Fiscal Year 2006 and includes projections for Fiscal Years 2007-2010. The City's economic state for 2006 is stable and strong, though this may precede less growth in the coming years.
The November Modification to the Fiscal Year 2006-2009 Financial Plan shows substantial increases in Fiscal Year 2006 revenues and trims a large budget gap projected for Fiscal Year 2007.
The most notable changes in the November Modification include a significant increase in the revenue forecast, the impacts of the collective bargaining agreements reached in October and November, and the recognition of a one-time benefit
stemming from the implementation of a new State policy designed to limit growth in the local share of Medicaid expenses.
This report summarizes the City's fiscal state and standing as Fiscal Year 2013 comes to end. The City's economy continued to expand throughout the year, with employment reaching an all-time high. However, the City's unemployment rate remains high and wages have not kept up with inflation. Overall, throughout the year, growth in the local economy has been hampered by the lacking national economy.
A report on the state of the City's economy & finances for the year 2004. Included are detailed numbers and statistics pertaining to the City's finances and spending, as well as information regarding its economic growth and development. The report also includes year in review comments as well as projections and plans regarding the future state of the City's economy.
Despite a projected gap of $1.1 billion in FY 2003, it appears that the City will end the current FY in balance. The budget stabilization account (BSA) and the general reserve will provide the City with a comfortable cushion against any shortfalls in the budget. The outlook for FY 2004 and the outyears of the financial plan shows a lackluster stock market and the 9/11 attacks continue to take their toll on the City's fiscal condition. The City has devised a comprehensive gap-closing program to balance the budget in 2003 and 2004 and reduce the outyear gaps. The increased property tax rate is expected to generate revenues of $838 million in FY 2003 , but this lower than expected increase has reduced the expected FY 2003 surplus roll. However, the Federal government needs to support the City's effort to overcome its fiscal difficulty and labor must work with the City to lower spending on personal services.
This report, published by the Independent Budget Office, details the fiscal impact of the proposed Atlantic Yards arena in Brooklyn. It was found that over a 30-year period, the arena will cost the city more than it will generate in tax revenues. However, the arena will fiscally benefit the state, as well as create many new jobs.
The New Housing Marketplace Plan is Mayor Bloomberg's 10-year plan to create or preserve 165,000 units of affordable housing. The original five-year plan, announced in 2003, called for 65,000
units by 2008, but was expanded in February 2006 to a 10-year plan, ending in 2013, with a goal of 165,000 units.
At a point in time when one massive housing investment effort is winding down and another is being designed, it is appropriate to take stock of the city's housing circumstances to evaluate the
changes that have taken place in the city's housing landscape, and to identify the most urgent housing needs we now face.
The 9/11 attacks created an economic burden on the city and changed the city's budgetary approach. These burdens include wealth loss, job loss, and an overall Gross City Product loss. The debt is also reported to raise due to the process of rebuilding.
The Mayor's Executive Budget plan for the fiscal years of 2003 to 2006, analyzed by the Comptroller, has a structural imbalance. The City's revenue base is insufficient to support the proposed levels of spending, and the City faces budget gaps and large deficits.
The fiscal year 2006 preliminary budget appears to be on course toward balance assuming the risks it contains are expeditiously addressed. These risks total
$478 million after accounting for offsetting revenues. The single largest risk stems from budgetary relief the City assumes will be forthcoming from Federal and State actions.
The City is likely to end FY 2003 with its budget in blaance and with a small surplus available to offset FY 2004 expenditures. Gap-closing actions implemented since November 2002 will reduce the FY 2004 deficit by $3.2 billion, however, the City still projects a $3.4 billion deficit. Analysis suggests that the problem could be $500 million larger than the City estimates. It is unlikely that a near-term resurgence in the local economy will help reduce next year's budget deficit. The Governor's recently proposed Executive Budget would increase the City's fiscal burdens rather than reduce them. If the proposals are to be enacted, they would increase the City's FY 2004 budget gap by over $800 million. If the Federal and State government refuse to offer meaningful assistance and City unions do not offer savings proposals, the City will be forced to adopt draconian budgetary measures.
Fiscal Year 2010 is taking the toll from the end of World War II. The Comptroller's Office expects a decrease of jobs. This document includes the Comptroller's comments of Fiscal Year 2010 and his forecast for Fiscal Years 2009-2013.
This report details the Comptroller's, William C. Thompson, Jr.'s, comments on the Fiscal Year 2008 Executive Budget. The City predicts high tax revenue projections and surpluses, giving the City the opportunity to reduce budget gaps for future years.
A surge in fiscal year 2005 revenues is enabling the City to end the current fiscal year with a surplus of $3.3 billion. The fiscal budget for 2006 presented by the Mayor
would use the entire surplus to balance the FY 2006 budget.
A report on the comptroller's comments on the fiscal year 2005 executive budget. The report addresses the successes of the budget as well as its shortcomings. Various recommendations are made regarding more prudent approaches to balancing the budget as well as preserving the need for ongoing investment in the City's infrastructure.
The combination of the recession and the impact of the destruction of the World Trade Center is clearly reflected in the City's financial condition. Over the past 15 months the City has implemented a $4.6 billion in FY 2004 gap-closing actions, including an 18.5 percent property tax increase while borrowing $2 billion to meet operating expenses. However, there was still a FY 2004 deficit of at least $3.8 billion. The Mayor proposed a series of actiosn to close the gap, which include $1.4 billion in new taxes, more than $1.1 billion in State aid above current projections, and $620 million in agency gap-closing initiatives. The State Legislature has approved a state budget and associated initiatives. If enacted into law, it will assist the City in balancing its own budget. The ongoing dispute between the Governor and the State Legislature over the State budget, along with the risks in the Executive Budget could result in another round of cutbacks and layoffs.
This report details the Comptroller's, William C. Thompson, Jr.'s, comments on the Fiscal Year 2007 budget and the financial plan for Fiscal Years 2007-2010. Although the budget is balanced for the year of 2007, there are projected expense increases with the financial plan.
A report containing the comptroller's comments on the adopted budget for fiscal year 2005 and the financial plan for fiscal years 2005-2008. The budget for fiscal year 2005 aims to end the year in balance, and the financial plan for years 2005-2008 aims to minimize the City's deficits while generating more revenue. Included in the report are statistics and information pertinent to the financial planning for the years 2005-2008.
Comments from the Comptroller on the mayor's budget for the Fiscal Year 2004, problems that may occur and are occurring in the City, and solutions on how to solve these problems.
While fiscal year 2002 is certain to end with the budget in balance, fiscal year 2003 is not guaranteed to. The recession and the terrorist attacks left the city in a challenging financial condition. The Comptroller's
analysis reveals that the fiscal year 2003 gap has increased by an additional $1.1 billion, bringing the total deficit to more than $6 billion.
Just days after the events of September 11, 2001, President Bush and Congress promised that $20 billion in federal aid would be provided to help New York City
recover from the attack. Given the unprecedented scale of the destruction-physical, economic, and emotional-no one had real estimates of what the needs
and costs would be. As a result, the federal promise was loosely defined. Assistance was provided for immediate relief but a large portion of the aid was to flow to New York
over time as specific uses of the assistance were determined.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
Tax Revenue Forecasting
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
Tax Revenue Forecasting Documentation, Fiscal Years 2008-2012 - Office of Management and Budget use the forecasting models detailed in this report, applying the latest economic forecasts and
tax collection date available to project tax revenues for the City's budget and financial plans.
The City Charter requires the Office of Management and Budget (OMB) to publish documentation of forecasting methodologies used for projecting tax revenues for the taxes that account for five percent or more of total City tax revenues.
This supplement provides further information to accompany Inside the Budget No. 157, which summarized the effects of Mayor Michael Bloomberg's plan to reduce homelessness in the city. This report lists the amount of homelessness prevention spending that is provided by agencies and programs. These agencies and programs include the Human Resources Administration, the Department of Homeless Services, the Administration for Children's Services, and legal assistance contracts.
Web text supplement - Delays and disagreements over planning and financing the redevelopment of the World Trade Center site, as well as a weak market for
downtown office space, marked much of the first half decade following 9/11.
Letter stating the financial condition of the Relief and Pension Fund of the Department of Street Cleaning, which has been closed to new entrants since the creation of the Department of Sanitation as of December 1, 1929.
This Office of Management and Budget document analyzes the state of the City's debt affordability. Schedule A shows the City's debt-incurring power. Schedule B presents the sources of financing for the City's four-year capital rogram. Schedule C specifies amounts of debt service payable on City General Obligation bonds and TFA bonds, amounts expected to be outstanding in each of the financial plan years, and various debt service and debt ratios as required by the Act. Schedule C provides a framework for assessing the affordability to the City of the debt to be issued and described on Schedule B.
New York City is required to adopt a balanced budget at the beginning of each fiscal year. In addition, the City is required to present a financial plan for the subsequent
three fiscal years. It is commonplace for the outyears of the Financial Plan to be out of balance until such point at which the City Charter mandates that they be brought into
balance.
This report explains the features that contribute to the stability of the property tax system. It shows how caps on growth in assessed value can lead to higher assessed values and how assessments move through the pipeline and how the pipieline grew through 2008, the year of the downturn.
In accordance with the requirements of the New York State Municipal Assistance Corporation Act and the New York State Financial Emergency Act, the City of New York is required to submit monthly financial reports.
Presents information on capital appropriations and commitments with implementation schedules projected, and the ensuring three years for all active capital budget projects. These implementation schedules, derived by the respective agencies performing the project work, are the best assessment of the earliest possible start of the implementation milestone (scope, design, construction, etc.) being reported.
Presents information on capital appropriations and commitments with implementation schedules projected, and the ensuring three years for all active capital budget projects. These implementation schedules, derived by the respective agencies performing the project work, are the best assessment of the earliest possible start of the implementation milestone (scope, design, construction, etc.) being reported.
Presents information on capital appropriations and commitments with implementation schedules projected, and the ensuring three years for all active capital budget projects. These implementation schedules, derived by the respective agencies performing the project work, are the best assessment of the earliest possible start of the implementation milestone (scope, design, construction, etc.) being reported.
February 2011 Financial Plan, Fiscal Years 2011-2015 Publications (Capital and Expense) - The register of Community Board Budget Requests for the Preliminary Budget
lists community board requests and reports agency funding recommendations for each request in the departmental estimates.
Mayor Michael Bloomberg presented his Executive Budget for 2013 and four-year Financial Plan through 2016. This fiscal brief describes the taxes and economical situation of New York City.