Mayor Michael Bloomberg presented his Executive Budget for 2013 and four-year Financial Plan through 2016. This fiscal brief describes the taxes and economical situation of New York City.
New York City Independent Budget Office - Budgeting is essentially a series of tradeoffs, as city officials seek to balance the level of services that can be provided with the revenues that must
be raised to fund those services. These tradeoffs lie at the heart of IBO's annual publication of Budget Options for New York City. The report offers many options for bringing services and resources into
balance.
Recent legislation in Albany, including changes in the budget adopted last month and set to go into effect in April 2013, have been aimed at improving the ability of the city and state
to get reimbursements for Early Intervention services. IBO has examined claims data from 2002 through 2010 and considered the likelihood these legislative efforts will
reduce the program's reliance on city funds.
The reports have beomce one of the primary means for rating and reporting on the effectiveness of each of the city's schools. Education department administrators
use the reports for making decisions about which schools and principals to reward and conversely, determining which schools to close or principals to remove.
This report presents the IBO's new economic forecast and tax revenue projections along with their review and adjustments of the Mayor's spending plans under
the Preliminary Budget for Fiscal Year 2013 and Financial Plan through 2016.
For years the city's real property transfer tax and mortgage recording tax, often referred to collectively as the transfer taxes, were a predictable source of city revenue.