What de Blasio’s Budget is Missing
New York City Mayor Bill de Blasio unveiled his $82 billion preliminary budget on Thursday, which included an increase in city spending from the previous fiscal year that will require some measure of savings down the road.
The mayor’s plan increases spending without any increases to tax rates, thanks to rising property values and continued economic growth: Employment has reached an all-time high, real wages are growing and tourists are still flocking to the city in record numbers.
But as de Blasio warned, the good times won’t last forever, and good financial management requires exercising restraint and discipline in good times as well as bad ones. In this budget, growth in new spending has not been accompanied by a serious savings plan or a boost in reserves.