Capital Budgeting for 2030
Achieving the Goals of PLANYC
Mayor Michael Bloomberg has launched the PLANYC 2030 initiative -- a plan centered on ten goals for preparing New York City for an anticipated population increase of one million by 2030. PLANYC is a strategic plan for the City's capital assets and infrastructure that is new and visionary; its goals are ambitious and broad, and achieving them will require active cooperation from multiple stakeholders. Responsibility for its implementation rests with the newly-created Office of Long-Term Planning and Sustainability, but most of the capital resources required by PLANYC will be subject to the City's traditional capital budgeting procedures.
Successful implementation of the PLANYC agenda will require strengthening the City's current capital planning and budgeting procedures. Specifically this report makes four overarching points about PLANYC and the City's capital budgeting practices:
- New York has a vast universe of capital assets and infrastructure, and planning for these assets requires a long-term, strategic, and comprehensive perspective.
- Capital planning begins with condition assessments of capital assets.
- Maintaining competitive infrastructure and capital assets requires proactive, not reactive, planning.
- A substantial portion of resources for capital improvements are dedicated to expansion projects.