TESTIMONY: IBO Director Ronnie Lowenstein presents the New York City Council with an overview of IBO’s latest economic forecast and our estimates of revenue and spending under the Mayor’s Executive Budget.
As local tax revenue and aid from Albany decline due to the economic fallout from the coronavirus pandemic, Mayor de Blasio has proposed using a substantial share of reserve funds to help balance the city’s budget. We look at the city’s different reserve funds and the Mayor’s plan for using them.
PUBLIC SCHOOL INDICATORS: We’ve updated two sections of this resource--the section on school funding and spending and the one on crowding in school buildings.
REPORT: The Covid-19 pandemic has played havoc with the city’s economy. We make some initial estimates of the resulting job losses and tax revenue declines compared with our estimates from just a couple of months ago.
NYC BY THE NUMBERS: Subway ridership is way down. Which stations have seen the biggest declines in passenger entrances and what might plummeting ridership mean in terms of lost revenue for NYC Transit?
The tumbling stock market has inevitably taken a toll on the value of the city’s pension funds. That means the city may have to increase its contributions to the funds by tens of million—if not hundreds of millions--of dollars in the coming years. We look at a few scenarios.
REPORT: The Governor contends that localities have allowed Medicaid spending to spiral because the state enacted a cap in 2012 that spared them from having to share in the increasing costs. His Executive Budget proposes to counter this.
NYC BY THE NUMBERS: Based on recommendations from the city’s Board of Correction, the de Blasio Administration is considering the release of some people now held in the city’s jails. How many people in custody might be released?