De Blasio Floated Layoffs to Save $1 Billion. But the City’s Financial Future Teeters on Many Unknowns
Prospects for additional federal aid are unclear, significant cuts in state aid remain a threat and a bill to allow the city to cover shortfalls with borrowing remains stalled in Albany.
“The combined diversity and magnitude of uncertainties may be unprecedented,” said Andrew Rein, president of Citizens Budget Commission, a fiscal watchdog group. “It is incumbent on the city’s leaders to adopt a budget based on judicious estimates, and modify the budget during the year if needed.”