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.