New York City has more outstanding debt than ever before, and Mayor Bill de Blasio has proposed a 10-year capital plan that will increase it substantially. Now is the time to consider how much debt is appropriate.
As the legislative session wraps up in Albany, State Legislators are negotiating the fate of important programs, such as the property tax cap, rent regulation, and mayoral control of schools; however, the lofty policy decisions ahead have not distracted some legislators from introducing more than 50 bills to enhance benefits for State and local public employees.
At the end of fiscal year 2014, New York City debt outstanding passed $110 billion. As total debt outstanding has grown—by 96 percent since 2002—the forms of debt the City issues have also diversified. This growth affects the City budget in the form of higher debt service costs. For City-supported debt, debt service costs are projected to be 12 percent of tax revenues in fiscal year 2015.
Each year, CBC monitors bills introduced by State legislators to enhance the health and pension benefits of state and local public employees. At least 60 such bills have been introduced in this session; 10 bills introduced to benefit recently hired New York City uniformed employees are gaining momentum and are worth flagging now.
Mayor Bill de Blasio and Shola Olatoye, Chair and CEO of the New York City Housing Authority (NYCHA), released on May 19th a 10-year roadmap called "NextGeneration NYCHA". The roadmap is a bold plan that deserves to be supported.
New York City's rent laws expire on June 15. As the New York State legislature debates the renewal of New York City's rent laws, the Citizens Budget Commission offers five facts to consider regarding myths about rent regulation and the City's rental market.
The MTA is vital to the region’s economic well-being. Its mass transit services, seven bridges, and two tunnels comprise a $1 trillion asset. On an average weekday, the system’s trains and buses move people on more than 8.5 million trips, and nearly three out of four people entering Manhattan’s central business district do so via an MTA facility.
New York City's employee headcount is projected to grow by over 14,000 employees in fiscal year 2016 over fiscal year 2014, the last year of the Bloomberg Administration. CBC's new Interactive Headcount Feature allows you to trend the City's total headcount growth back to fiscal year 2004, visualize growth by employee category, and see which agencies are projected to grow the most in the coming fiscal year.