In a 2015 plea agreement, BNP Paribas bank paid $8.9 billion in criminal penalties, including nearly $900 million to the city. Much of those funds remain unused.
The Governor’s budget proposes that New York City—and just New York City—pay 10 percent of annual Family Assistance costs, a program that has been funded completely with federal dollars in the past.
Under the requirements of the New York State Municipal Assistance Corporation Act and the New York State Financial Emergency Act, the City of New York is required to submit this monthly financial report.
The city has committed more than $4 billion over 10 years that can be used to meet the terms of the settlement with federal officials for repairs at public housing developments across the city. Yet the full cost of the settlement is unclear, and may require additional city funds.
The Mayor’s latest budget plan adds $23 million over the years 2020-2023 for his LeadFreeNYC initiative, and brings the total amount of funds budgeted for the program to $39 million. But that still leaves the program’s funding well short of the original commitment.
IBO presents an overview of our analysis of the Mayor’s Preliminary Budget for 2020 and financial plan through 2023. The report includes our projections of city budget gaps and surpluses, highlights of our latest economic forecast, and re-estimates of revenue and spending under the Mayor’s plan