With the announcement Wednesday that the fiscal year 2016 budget will include a $1.7 billion circuit breaker program designed to provide tax relief, it is clear that large new programs will be under consideration by the legislature again this year. But as was the case last year, talk of “spending” a surplus is premature.
This report analyzes the fiscal condition and outlook at the PANYNJ maritime ports, known as Port Commerce, and recommends strategies to place the business line on a course toward fiscal sustainability.
In its recent mid-year budget modification the de Blasio administration credited a coalition of municipal employee unions with achieving $1.3 billion in savings in the City’s employee and retiree health insurance costs. Yet the unions have not agreed to any changes in the plan, and the City and the unions have taken no actions to reduce costs. How can this be?
As rumors of a special session continue, many interest groups are putting forward proposals for how to spend the State’s $5 billion windfall from bank settlements. To assist officials in deciding how to spend the windfall, the Citizens Budget Commission suggests using the following questions to separate the good ideas from the bad.
On December 15th, about 41,600 retired New York City police, fire, and correction officers will receive a $12,000 check. This payment, known as the Variable Supplement Fund (VSF) payment and informally referred to as the “Christmas bonus,” is made annually to eligible retirees in addition to their regular pension.
Nearly six of every 10 of the 3.7 million people entering New York’s central business district each weekday rely on the Metropolitan Transportation Authority’s commuter rails, subways and buses. New York’s vibrant economy relies on the MTA’s services, and providing these services is expensive.
In fiscal year 2013, the Health and Hospitals Corporation (HHC) ran a deficit of $668 million. Final numbers for fiscal year 2014 have not been released, but the estimated deficit is $645 million. The imbalance between revenues and expenditures is expected to worsen from $702 million in fiscal year 2015 to $1.7 billion in fiscal year 2018.