The Bloomberg Administration issued its update of the budget for this fiscal year and financial plan for the ensuing years through 2015. The understated release reflects a
budget plan that appears to leave the city idling at a fiscal crossroads as Bloomberg Administration scans ahead, trying to discern where the roads may lead.
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
FISCAL OUTLOOK: IBO's annual report on the city's outlook for the years ahead features our latest economic forecast and includes projections of job growth as well as updated tax revenue estimates for this fiscal year and through 2020. In addition, the report presents IBO's re-estimates of city expenditures based on the Mayor's November financial plan and our projection for budget surpluses and gaps in 2017 through 2020.
The release last week of the Metropolitan Transportation Authority's preliminary budget for 2012 and financial plan through 2015 prompted renewed concerns
over the agency's fiscal outlook. Transportation budget analysts have been praticularly critical of the amount of borrowing in the plan and the assumption of no wage increases
for the authority's workforce.
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.
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.
In 2009 the state law granting the Mayor control of the New York City public school system was renewed. That renewal included a requirement that the New York City
Independent Budget Office "enhance official and public understanding" of educational matters of the school system. The law also requires the Chancellor of the school system to provide IBO with the
data that they deem nevessary to conduct their analyses.