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.
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.
IBO's comparison of enrollment data for this school year with last school year for kindergarten through eighth grade finds that average class sizes are already on the rise.
The Mayor's approach to balancing the city's budget in 2012 lies heavily on the expenditure side of the city's ledger and underscores a message of fiscal austerity.
This report lists the budget options the City faces after the recession. The recession caused the loss of a significant amount of state aid and federal cutbacks, as well as growing pension and health expenditures, debt service, and other costs. These problems must be rectified and the options listed are potential solutions.
The city is currently in relatively good fiscal condition, due to steps to cut costs and raise revenue. However, the Mayor's budget does not address potential new problems, leaving pressure against City Hall to ensure the preservation of programs that will be affected by these problems. Economic uncertainties threaten the city and can affect the city's employment growth and tax revenues.