The Covid-19 pandemic and the resulting lockdown brought about extraordinary economic distress for New York City and its residents. That distress is now easing thanks to an influx of federal aid to the city budget and the successful development and distribution of Covid-19 vaccines.
The New York City Independent Budget Office is today adding to its compilation of roughly 100 budget options for the city—ways New York could cut spending or raise revenue. In addition to the new measures introduced today, we have revised or updated a number of initiatives included in our online Bud
Report focuses on the allocation and uses of resources for various competing budget priorities, including the various options available for saving money and raising revenue, as well as the weighed/approximated costs and benefits for each option.
PRELIMINARY BUDGET FOCUS: Under the Governor’s budget plan, state aid to NYC schools would grow next year. But the outlook for school aid is complicated by an influx of federal pandemic school aid and the Governor’s proposed restructuring and reductions of school support from Albany.
The city has committed more than $4 billion over 10 years that can be used to meet the terms of the settlement with federal officials for repairs at public housing developments across the city. Yet the full cost of the settlement is unclear, and may require additional city funds.