The city is on course toward FY2002 budget balance but faces budget gaps beginning with 2003 fiscal year. FY 2002 is projected to end with a $260 million surplus, which will help the FY 2003 budget, which has a budget deficit greater than $4.5 billion. Therefore, they must borrow from the NYCTFA, about $1.5 billion. The city also faces problems such as deteriorating city infrastructure, which leads to debt service growing at twice the rate of revenues. However, despite all efforts, the FY2006 budget gap can exceed $5.5 billon.
While fiscal year 2002 is certain to end with the budget in balance, fiscal year 2003 is not guaranteed to. The recession and the terrorist attacks left the city in a challenging financial condition. The Comptroller's
analysis reveals that the fiscal year 2003 gap has increased by an additional $1.1 billion, bringing the total deficit to more than $6 billion.
The Mayor's Executive Budget plan for the fiscal years of 2003 to 2006, analyzed by the Comptroller, has a structural imbalance. The City's revenue base is insufficient to support the proposed levels of spending, and the City faces budget gaps and large deficits.
Despite a projected gap of $1.1 billion in FY 2003, it appears that the City will end the current FY in balance. The budget stabilization account (BSA) and the general reserve will provide the City with a comfortable cushion against any shortfalls in the budget. The outlook for FY 2004 and the outyears of the financial plan shows a lackluster stock market and the 9/11 attacks continue to take their toll on the City's fiscal condition. The City has devised a comprehensive gap-closing program to balance the budget in 2003 and 2004 and reduce the outyear gaps. The increased property tax rate is expected to generate revenues of $838 million in FY 2003 , but this lower than expected increase has reduced the expected FY 2003 surplus roll. However, the Federal government needs to support the City's effort to overcome its fiscal difficulty and labor must work with the City to lower spending on personal services.
The City is likely to end FY 2003 with its budget in blaance and with a small surplus available to offset FY 2004 expenditures. Gap-closing actions implemented since November 2002 will reduce the FY 2004 deficit by $3.2 billion, however, the City still projects a $3.4 billion deficit. Analysis suggests that the problem could be $500 million larger than the City estimates. It is unlikely that a near-term resurgence in the local economy will help reduce next year's budget deficit. The Governor's recently proposed Executive Budget would increase the City's fiscal burdens rather than reduce them. If the proposals are to be enacted, they would increase the City's FY 2004 budget gap by over $800 million. If the Federal and State government refuse to offer meaningful assistance and City unions do not offer savings proposals, the City will be forced to adopt draconian budgetary measures.
The combination of the recession and the impact of the destruction of the World Trade Center is clearly reflected in the City's financial condition. Over the past 15 months the City has implemented a $4.6 billion in FY 2004 gap-closing actions, including an 18.5 percent property tax increase while borrowing $2 billion to meet operating expenses. However, there was still a FY 2004 deficit of at least $3.8 billion. The Mayor proposed a series of actiosn to close the gap, which include $1.4 billion in new taxes, more than $1.1 billion in State aid above current projections, and $620 million in agency gap-closing initiatives. The State Legislature has approved a state budget and associated initiatives. If enacted into law, it will assist the City in balancing its own budget. The ongoing dispute between the Governor and the State Legislature over the State budget, along with the risks in the Executive Budget could result in another round of cutbacks and layoffs.
Comments from the Comptroller on the mayor's budget for the Fiscal Year 2004, problems that may occur and are occurring in the City, and solutions on how to solve these problems.
The 9/11 attacks created an economic burden on the city and changed the city's budgetary approach. These burdens include wealth loss, job loss, and an overall Gross City Product loss. The debt is also reported to raise due to the process of rebuilding.
The Asset Information Management System (AIMS) Report reports on the City's State of Good Repair need and the agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense needs necessary to keep major City owned facilities and infrastructure in a State of Good Repair. This report details the Executive Summary for the Fiscal Year 2004 AIMS Report.
In accordance with Section 232 of the City Charter, the debt of New York City is reported to grow through the fiscal years of 2003 to 2006. The city will use capital bond proceeds to build and maintain infrastructure to accomodate its large population.
A report on the comptroller's comments on the fiscal year 2005 executive budget. The report addresses the successes of the budget as well as its shortcomings. Various recommendations are made regarding more prudent approaches to balancing the budget as well as preserving the need for ongoing investment in the City's infrastructure.
The Asset Information Management System (AIMS) Report reports on the City's State of Good Repair need and the agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense needs necessary to keep major City owned facilities and infrastructure in a State of Good Repair. This report details City's assets through Fiscal Year 2004.
A report containing the comptroller's comments on the adopted budget for fiscal year 2005 and the financial plan for fiscal years 2005-2008. The budget for fiscal year 2005 aims to end the year in balance, and the financial plan for years 2005-2008 aims to minimize the City's deficits while generating more revenue. Included in the report are statistics and information pertinent to the financial planning for the years 2005-2008.
Reports on the City?s State of Good Repair need and the agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense needs to keep major City owned facilities and infra...
A report on the state of the City's economy & finances for the year 2004. Included are detailed numbers and statistics pertaining to the City's finances and spending, as well as information regarding its economic growth and development. The report also includes year in review comments as well as projections and plans regarding the future state of the City's economy.
The fiscal year 2006 preliminary budget appears to be on course toward balance assuming the risks it contains are expeditiously addressed. These risks total
$478 million after accounting for offsetting revenues. The single largest risk stems from budgetary relief the City assumes will be forthcoming from Federal and State actions.
The Asset Information Management System (AIMS) Report reports on the City's State of Good Repair need and the agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense needs necessary to keep major City owned facilities and infrastructure in a State of Good Repair. This report details City's assets through Fiscal Year 2005.
A surge in fiscal year 2005 revenues is enabling the City to end the current fiscal year with a surplus of $3.3 billion. The fiscal budget for 2006 presented by the Mayor
would use the entire surplus to balance the FY 2006 budget.
Asset Information Management System (AIMS) Report
Reports on the City's State of Good Repair need and the agencies? planned spending to address this need. The program
consolidates results of cyclical field surveys and estimates the Capital and Expense...
This report assesses the debt condition of the City of New York in accordance with Section 232 of the City Charter. The Charter requires the Comptroller to
report ont he amount of debt the City may responsibly incur for capital projects during the current fiscal year and each of the three succeeding fiscal years.
The November Modification to the Fiscal Year 2006-2009 Financial Plan shows substantial increases in Fiscal Year 2006 revenues and trims a large budget gap projected for Fiscal Year 2007.
The most notable changes in the November Modification include a significant increase in the revenue forecast, the impacts of the collective bargaining agreements reached in October and November, and the recognition of a one-time benefit
stemming from the implementation of a new State policy designed to limit growth in the local share of Medicaid expenses.
The Asset Information Management System (AIMS) Report reports on the City's State of Good Repair need and the agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense needs necessary to keep major City owned facilities and infrastructure in a State of Good Repair. This report details City's assets through Fiscal Year 2006.
This report details the Comptroller's, William C. Thompson, Jr.'s, comments on the Fiscal Year 2007 budget and the financial plan for Fiscal Years 2007-2010. Although the budget is balanced for the year of 2007, there are projected expense increases with the financial plan.
Asset Information Management System (AIMS) Report Reports on the City's State of
Good Repair need and the agencies? planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and
Expense n...
This report details the City of New York's financial and economic state for Fiscal Year 2006 and includes projections for Fiscal Years 2007-2010. The City's economic state for 2006 is stable and strong, though this may precede less growth in the coming years.
This report assesses the debt condition of the City of New York. It details the amount of debt the City may incur for capital projects during Fiscal Years 2007-2010.
This report is IBO's analysis of the Mayor's Preliminary Budget for 2008 and Financial Plan through 2011. It contains IBO's forecasts and examinations of key budget proposals made by the Mayor.
This report examines the rising cost of recycling and what should be done to lower the cost of recycling. It provides different methods of solving the cost problem.
This report details the Comptroller's, William C. Thompson, Jr.'s, comments on the Fiscal Year 2008 Executive Budget. The City predicts high tax revenue projections and surpluses, giving the City the opportunity to reduce budget gaps for future years.
A letter from Ronnie Lowenstein to Gene Russianoff talking about the review and analysis of the Metropolitan Transportation Authority's fiscal projections.
The Asset Information Management System (AIMS) Report reports on the City's State of Good Repair need and the agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense needs necessary to keep major City owned facilities and infrastructure in a State of Good Repair. This report details City's assets through Fiscal Year 2007.
This article examines the benefits of the proposed Child Care Credit for tax filers who are too poor to owe state and federal tax but owe income tax and have children.
This article reviews how domestic violence has impacted the city spending. It includes the services provided to those suffering from domestic violence and how to prevent it.
This New York City Independent Budget Office (IBO) fiscal brief addresses the new federal rules for welfare programs that went into effect in 2006. The report addresses the introduction of the new rules, their purpose and impact on the current programs, analyses, and projections for the future of these programs.
This New York City Independent Budget Office (IBO) fiscal brief addresses the decreasing value of the City's subsidies to its three public library systems. The report addresses the purpose, importance, and use of the subsidies and analyzes the trend of the growing disparities among the library systems.
Fiscal Year 2007 has eliminated or reduced the budget gaps for fiscal years 2008-2010. The Comptroller's review of the Financial Plan for fiscal years 2008-2011 suggests that the gaps can be lower due to revenue collections than what the City estimates. The Comptroller's Office's revenue adjustments reflect a more optimistic forecast than the City's. This document includes the Comptroller's comments on the financial plan and the outcomes of fiscal year 2007.
This report addresses the questions regarding the funding of vocational high schools and related matters. It includes information regarding the recent funding and spending trends of the City and the status of the schools that meet state and federal standards.
This New York City Independent Budget Office (IBO) fiscal brief addresses the disproportionate spending on students and general education in schools. The report includes data and analyses addressing the school system, general spending patterns in schools, teacher salaries, and other demographic related information.
This New York City Independent Budget Office (IBO) fiscal brief addresses the initiatives taken to tackle the disproportionate spending on students and general education in schools. The report includes the plan for the new funding formula as well as the impact and responses it has created. Also provided are data and analyses addressing the school system, general spending patterns in schools, the model for the spending changes, and other demographic related information.
Bloomberg proposed a 50-cent increase in the city's tax on cigarettes. The Mayor argued that raising the price of cigarettes, by increasing taxes, has proven to be a very effective method of
reducing smoking.
The financial emergency act was enacted in 1975 in response to NYC's historic financial crisis. After years of incurring substantial operation deficits, papered over with short-term borrowing, all masked
by inadequate reporting and accounting controls, the city found itself unable to sell its short-term notes in the credit markets in the spring of 1975.
Mayor Michael Bloomberg more than doubled the goal initially set in 2003 for his New Housing Marketplace Plan. The Mayor now aims to create or preserve 165,000 units of affordable housing over
10 years and anticipates spending $7.5 billion to meet the production and preservation goals.
The New Housing Marketplace Plan is Mayor Bloomberg's 10-year plan to create or preserve 165,000 units of affordable housing. The original five-year plan, announced in 2003, called for 65,000
units by 2008, but was expanded in February 2006 to a 10-year plan, ending in 2013, with a goal of 165,000 units.
This report details the City's economic and financial state for Fiscal Year 2007. The downturn in the nation's housing and mortgage markets produced budgetary risks for the City and revenue projections remain low. The City must work to overcome these challenges.
This report details the impact of the City's congestion pricing plan on those who commute into New York City. The plan seeks to reduce workday traffic by charging motorists for driving into Manhattan, though this has a mostly negative effect on the commuting residents.
This report details the trends in the service levels and costs for the home care of senior citizens. Home care services are provided by private agencies under contract with the city and helps seniors stay in familiar surroundings, avoiding emotional disruption and the financial burden of long-term nursing home care.
In December 1994, just prior to the implementation of welfare reform initiatives, nearly 80 percent of New York City's food stamp recipients also received public assistance. For the most part, New York's
Food Stamp program was an extension of public assistance, with the vast majority of recipients enrolling in both programs at the same time.
Asset Information Management System (AIMS) Report Reports on the City's State of Good Repair need and the
agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense n...
This report by the comptroller focuses on capital debt and obligations for the fiscal year 2008. Addressed in this report is the debt condition of New York City in accordance with Section 232 of the City Charter. The Charter requires the comptroller to report the amount of debt the City may incur for capital projects during the current fiscal year and each of the succeeding fiscal years. Also included are data and information on the state of capital debt and obligations.
This 2008 report focuses on the allocation and uses of resources for various competing budget priorities. Listed in this report are the various options available for saving money and raising revenue, as well as the weighed/approximated costs and benefits for each option.
NYC provides financial support to the Health and Hospitals Corporation. Changes in state Medicaid policy allowed the ctiy to provide more Medicaid payments to the hospital agency. IBO provides information about the Corporation.
The Department of Education's 2005-2009 five year capital plan intended to add more seats and repair and upgrade school buildings. IBO invesitgates the costs of the plan as it changes.
This report provides IBO's analysis of the Mayor's Preliminary Budget for 2009 and Financial Plan through 2012. The report includes our own economic and revenue forecasts and examines the Bloomberg
Administration's key budget proposals. It also highlights some of the fiscal issues facing the city, questions that become increasingly difficult as resources become more scarce.
Before Mayor Bloomberg established the 311 call line, the city relied on 40 help lines in order to handle complaints. IBO reviews the amount of spending for 311 call lines and provides more information on the call center.
Appendix - Methodological Notes - Provides background information and additional detail regarding the assumptions and methodology used in IBO's analysis of the Chapter 96 reopener legislation.
The legislature in Albany is currently considering a bill that would allow certain public emploees to retire at age 55 rather than 62 without a loss in pension benefits. IBO estimates that the bill would
increase the city's pension and fringe benefit costs by $68.1 million in the first year after accounting for savings from hiring entry-level replacements.
The NYC Transitional Finance Authority has a Capital Financing Need of $2.1 billion and $600 milion in fiscal years 2009 and 2010, respectively. The projects to be financed will be limited to those projects iwthin
the City's Five Year Educational Facilities Capital Plan.
Asset Information Management System (AIMS) Report Reports on the City?s State of Good Repair need and the agencies' planned spending to address this need. The program consolidates results of cyclical field surveys and estimates the Capital and Expense n...