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.
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.
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 Office of the Comptroller report focuses on the current economic climate and addresses the preliminary budget for fiscal year 2010 and the financial plan for fiscal years 2009 to 2013. Addressed in this report are the actions that have been taken and are being taken to reduce costs to the City and to improve its use of resources. Included are data and analyses for revenue and expenditures in past fiscal years, and projections for the future financial plan.
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.
A report on the comptroller's comments on the preliminary budget for fiscal year 2005 and the financial plan for fiscal years 2005-2008. The report focuses on the plan for the economic recovery of the City, and includes statistics pertaining to more efficient management plans, realistic budgeting, and prudent allocation of available resources.
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 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 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.
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 Department of Health has emphasized that accurate and complete reporting of occurences is essential if New York Patient Occurrence and Tracking System is to accomplish its goal of
improving quality of care. Without the fullest possible reporting, hospitals cannot identify areas where systemic improvement may be needed nor use the NYPORTS web site to compare their
performance against their peers.
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.
Mayor Michael Bloomberg announced the largest city investment in housing construction in 2002. In 2005, he raised the amount of spending from $3 billion to $7.5 billion. Public Advocate Bill de Blasio looks at how the plan has evolved as fiscal conditions change.
This document contains information regarding the tax lien sale and its purpose in the New York City economy. Included is background information on the tax lien sale, how it works, its current impact on the City, and recommendations as to how to use tax lien sales more effectively.
This report details how policymakers have shifted their focus from high school graduation rates to post-secondary success. There is a lack of quality counseling, advising, and mentoring programs in New York City public high schools, impeding students from seeking access to and success in higher education. Schools must provide more focused support to help students navigate through the college application experience, with more counseling and mentoring 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.
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.
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.
The State of the City's Economy and Finances Dec 14, 2012 - The Comptroller's Office review of the November Plan finds that while the current year's budget is balanced and the outyear gaps appear manageable,
there still exists an underlying risk to budgetary stability.
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.
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 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.
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 provides information about changing the discipline culture in New York City middle schools. It uses statistics of student behavior to support the argument and methods presented.
FOCUS ON THE EXECUTIVE BUDGET: We presents our analysis of the de Blasio Administration's Executive Budget for 2019 and financial plan through 2022, including IBO's projections of budget gaps and surpluses. The report provides our latest economic forecast along with our estimates for tax revenue collections and spending based on the Mayor's plan.
This report lists the statistics of the High School Class of 2009, regarding the state mandated regents tests and the number of students who were deemed college ready based on them. This report uses each student's Regents exam results to track their progress towards graduation.
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 guide will help any interested New Yorker understand and participate in the city's budget process. It outlines the components of the city's budget, the timelines and processes for adopting it, and provides an overview of how the city raises revenues and how those revenues get spent. Guidance on where to find budget documents and a contact list of key players in the budget process will help readers figure out where to find answers to budget questions.
This updated guide to the New York City Capital Budget by the Independent Budget Office addresses the intricacies and the operations that go behind managing the budget. The document defines the capital budget, its components, and the various resources that contribute to it.
REPORT: Brooklyn Borough President Eric Adams asked how many hours do subway riders lose to delays during the morning rush and what does it cost in monetary terms. We provide our estimates
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.
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 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 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.
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 report provides information about those who are employed but are struggling to maintain an independent lifestyle. It focuses on the problem of the $7.25 minimum wage.