NYC Government Publication
Dawn of a New Era: New York City After(?) the Financial Emergency Act
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.
- Agency
- Subject
- Report type
- Budget Report
- Date published
- 2007-11-08