"A quick tribute to the Citizens Budget Commission....you're a great model of public policy institutions like this across the country; no more important time than today for this kind of work." Treasury Secretary Timothy F. Geithner
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.
CBC sent a letter of commendation to the State Legislators who voted against school district borrowing for pension contributions (A6309/S4067). See the list of legislators after the jump.
Given the fiscal pressures on the City, what does Mayor Michael Bloomberg plan to do to cut debt service? Debt service, the payment of interest and principle due on long-term borrowing, has been growing rapidly under his tenure. Since it is tied to the size of the capital plan, it can only be controlled by reducing the level of capital investment that is supported with borrowing.
In response to the New York City's fiscal year 2008 Preliminary Budget, and in light of the City’s strong fiscal position, CBC releases a letter to Mayor Michael Bloomberg urging him to focus on the City's long-term priorities in his 2008 Executive Budget.
CBC releases a letter to Mayor Michael Bloomberg analyzing New York City’s fiscal year 2008 Preliminary Budget and making recommendations for his Executive Budget. The recommendations concern steps to promote City’s economic competitiveness and long-term fiscal viability.
CBC calls on members of the New York State Legislature not to raise their own pay without addressing the State’s runaway debt problem. New York State’s debt is expected to hit a historic high of $50 billion in 2006-07 and has already reached a “danger zone,” according to the Commission’s analysis.
In September 2006, Peter Kalikow, chairman of the Metropolitan Transportation Authority, eliminated a five percent fare increase for subways, buses and train on the grounds that revenues are running ahead of schedule. CBC recommends two strategies: 1) a greater commitment to productivity enhancements in order to reduce the rate of cost increases and 2) increasing revenue.
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