A Mixed Budget Message
Mayor Bill de Blasio’s executive budget and accompanying four-year financial plan send a mixed message about New York City’s fiscal outlook.
For the short term, economic performance and local revenues are exceeding expectations this year. As a result, a surplus of nearly $3.4 billion can be “rolled” into next year to create a reserve and support increased spending that accommodates a variety of campaign commitments and new priorities. For the longer term, it warns of more difficult times with less revenue growth and the need for more efforts at savings through efficiencies.