City Budget

Economic Development Reporting in New York City: What’s Missing?

Apr 12, 2012

The bidding war between New York and New Jersey over the relocation of FreshDirect recently ended with New York City and State putting together a “winning” $125 million incentive package for the firm to move and expand into the Harlem River Yards in the Bronx.[1] The battle over FreshDirect is an example of unsound “race to the bottom” economic development p

A Reasonable Proposal: Sharing More of the Cost of Public Sector Pensions with Employees

Feb 16, 2012

The pension reform proposal that Governor Andrew Cuomo submitted with the Executive Budget, known as Tier VI, would increase contributions from new employees to the pension funds of New York’s state and local governments, including New York City.

What’s Different About Next Year’s City Budget

Feb 10, 2012

Last week, Mayor Michael Bloomberg presented New York City’s Financial Plan for the next four years, beginning with the current fiscal year 2012 (which ends June 30) through fiscal year 2016. The plan contains an important signal about the changing fiscal context in which the Mayor and the City Council must balance the budget.

New York City Is Not Alone

Nov 17, 2011

The Office of the New York City Actuary is expected to recommend changes to the assumptions used to calculate the City’s annual pension costs. These changed assumptions will have an impact on the amount the City is required to contribute to its employee pension funds.

New York City Debt Outstanding

Sep 13, 2011

At the end of fiscal year 2011, New York City reached a milestone: the amount of debt outstanding passed $100 billion. As total debt outstanding has grown - by 83 percent since 2002 - the forms of debt the City issues have also diversified.

What Concessions?

Aug 29, 2011

In the last two months, the Bloomberg Administration announced two agreements with municipal unions. These agreements have been heralded as union-labor compromises to prevent the planned layoff of more than 5,000 employees.

New York City’s Adopted Budget: Missed Opportunities

Jul 06, 2011

On the evening of Friday June 24 Mayor Michael Bloomberg and City Council Speaker Christine Quinn announced an agreement on the City’s budget for fiscal year 2012; five days later, on Wednesday June 29, the Council voted to approve the deal and taxpayers got to see the specifics.

State Agreement Is a Template to Avoid City Layoffs

Jun 23, 2011

Yesterday, Governor Andrew Cuomo and the Civil Service Employees Association (CSEA) reached a preliminary five-year contractual agreement that provides substantial savings for New York State and, if adopted by other State employee unions, could spare 9,800 employees from the pain of layoffs. In New York City, Mayor Michael Bloomberg, the City Council and municipal unions continue to look

Interactive Chart: Possible City Savings From Health Insurance Changes

Jun 20, 2011

Possible City Savings From Health Insurance Changes

Jun 20, 2011

The Mayor and City Council are discussing ways to avoid the layoffs and service cuts proposed to balance the fiscal year 2012 budget. They should consider reforming health insurance arrangements for employees and retirees as a way to create meaningful savings and prevent the cuts. CBC suggests three specific changes that could save the City over $1.5 billion in fiscal year 2012: