Without action from state lawmakers last week, the 421-a tax exemption will expire on June 15, 2022. However, even if the program is not renewed in a future session, it will continue to cost the city property tax revenue for years to come.
Under the city’s borough-based jails plan, Rikers Island will be replaced by jails in 4 of the 5 boroughs. The plan aims to create smaller & safer jails that allow people in custody to be closer to the courts where their cases are heard and their communities. IBO examines how these 2 goals overlap
IBO Assistant Director Sarita Subramanian's testimony to the New York City Council on the city’s Fiscal Year 2023 Adopted Budget’s impact on school budgets.
The Adams Administration added funds for homeless shelter costs in the Preliminary Budget. IBO estimates that additional funds for shelter will be necessary, and that the city will also need to increase budgeted amounts for its homeless outreach and its housing voucher programs in fiscal year 2023.
A key part of the Mayor Adam's Program to the Eliminate the Gap (PEG) is budgeted headcount reductions. IBO examines how other actions contained within the budget affect the number of headcount reductions the Mayor proposes to make.
Using student-level data, IBO tracked how many students enrolled in the 2019-2020 school year, when Covid-19 first hit, returned in the following (2020-2021) school year.
In this Budget Brief, IBO provides more details on our latest economic forecast and estimates of tax revenues, as well as a comparison with the Mayor’s tax projections included in the Preliminary Budget.
IBO’s fiscal outlook report presents our latest economic forecast for the city along with our projections of revenues and expenditures under the Mayor’s November financial plan.
IBO presents our latest economic forecast for the city along with our projections of revenues and expenditures under the Mayor’s November financial plan. We forecast key economic indicators, such as the jobs recovery from the pandemic-induced recession, and estimate budget gaps and surpluses