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Blog
City Budget
Less Spending, More Saving
Benchmarks to Assess the NYC Financial Plan
November 13, 2019
Four things the upcoming budget should do to put the city on better financial footing.
Blog
Public Workforce
Four Facts about New York City Full-Time Employees
October 17, 2019
Here are four facts about full-time NYC employees in fiscal year 2019.
Blog
Transportation
NYC Ferry Comparative Analysis
October 07, 2019
Among large urban ferry systems, NYC Ferry's subsidy is second highest.
Blog
Taxes
Personal Income Tax Revenues in New York State and City
August 13, 2019
PIT revenues are a significant - and volatile - part of State and City budgets.
Blog
City Budget
When the Smoke Clears
Despite Continued Economic Strength, NYC Spent More Than It Received in 2019
June 30, 2019
The City’s spending obligations in fiscal year 2019 were $255 million greater than the revenues collected. How is this possible when State law and the City Charter require balanced budgets?
Blog
Taxes
Pied-à-Terre Tax
Appealing but Problematic
March 13, 2019
The pied-à-terre tax is appealing politically because it is levied on wealthy people with means to pay and nonresidents who do not vote. Nevertheless, it is problematic for several reasons.
Blog
City Budget
PEGging It Right
Guidelines for the PEG Process
March 05, 2019
For the first time since taking office, Mayor Bill de Blasio has announced plans to implement a Program to Eliminate the Gap (PEG), which requires agencies to generate savings through expense reductions or revenue enhancements. The de Blasio administration previously eschewed PEGs in favor of Citywide Savings Plans (CSPs); in contrast to the PEG, agency participation in the CSP was voluntary. Pursuing a PEG presents both a challenge and an opportunity. This blog proposes three guidelines for the process: 1) identify significantly more than $750 million in savings, 2) encourage recurring savings through efficiency, and 3) follow agencies’ leads.
Blog
City Budget
NYC Revenues in a Recession
Quantifying the Potential Shortfall
February 26, 2019
The potential shortfall from a recession comparable to the last two recessions could be substantial: between $15 billion and $20 billion below projections over three years.
Blog
City Budget
Sound Strategy, Sound Future
Recommended Approach for the City’s Preliminary FY 2020 Budget
February 01, 2019
A thriving economy has allowed the City to increase spending by $20 billion since fiscal year 2014. The City should undertake a necessary course correction with this four-part strategy:
Blog
City Budget
Why the Latest PEG Is Not Likely to Be the Last in NYC's Budget
December 05, 2012
This blog explains why a savings plan, known as the "PEG" is necessary in the Nov 2013 NYC budget modification, examines the savings, and offers broader perspective on the city's fiscal challenges.
Blog
State Budget
How Sick Leave Can Be Bad for a Locality's Fiscal Health
(And Health Insurance May Be Even Worse)
July 01, 2012
“Excusable” borrowing appears now to be growing, extending to accrued sick leave and vacation days that are claimed by departing employees without money having been set aside to pay for them.
Blog
City Budget
Restoring City Priorities Along With Spending Cuts
June 21, 2012
The Mayor and City Council's “budget dance” focuses largely on child care slots and after-school programs, but should really be about the City’s overly generous contributions to the health insurance of former City employees and their spouses.
Blog
Economic Development
Economic Development Reporting in New York City: What’s Missing?
April 11, 2012
In New York City, current reporting requirements fall short of capturing the full amount of spending in the name of economic development.
Blog
City Budget
What’s Different About Next Year’s City Budget
February 09, 2012
Tax revenues are not exceeding expectations; they are just on target.
Blog
City Budget
Delaying the Pain
The truth about cost-cutting in New York City's November Plan
December 15, 2010
A closer look at the City November 2011 savings plan reveals two notable points: Nearly two-thirds consists of new revenue, and expenditure cuts are modest, although health, welfare, libraries and cultural institutions bear most of the burden.
Blog
Capital Spending
When Will the Capital Budget Cuts Really Arrive?
December 09, 2010
Failure to impose fiscal austerity on the infrastructure agenda is evident in growing levels of capital commitments.
Blog
Pensions & Benefits
What is OPEB and Why Does it Cost $9.4 Billion?
December 05, 2010
The true cost of retiree health insurance and "other postemployment benefits," or OPEB, was $9.4 billion in fiscal year 2010. Why it cost so much and what should be done about it.
Blog
Capital Spending
Mind the Gap
Funding Repair and Maintenance of New York City Infrastructure
July 26, 2010
Past neglect has created a need for nearly $5.6 billion in repair of existing facilities in New York City in order to bring them to satisfactory condition, known as a "state of good repair." Yet the City's capital budget allocates only about half, with the gap especially large for streets, hospitals, and parks.
Blog
City Budget
The City’s FY 2011 Budget: The Buck Stops Here
July 12, 2010
With significant budget gaps looming in the outyears and the end of nearly a decade of multi-billion dollar surpluses, it is disappointing that more has not been done to lower spending.
Blog
City Budget
The Beginning of the End of Balanced Budgets for New York City?
June 23, 2010
What ought to be considered a dramatic reversal of a highly praised policy has been buried in an arcane legal change made by the Legislature at the request of the Mayor, allowing the city to borrow for pollution remediation.