On January 21, 2016, the Mayor released his preliminary executive budget for FY 2017 and a financial plan (the “January Plan”) for fiscal years 2016 through 2020.
Reports
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December 2015 —
On November 12, 2015, the City of New York submitted a revised four-year financial plan (the “November Plan”) covering fiscal years 2016 through 2019 to the New York State Financial Control Board. The November Plan reflects relatively small technical adjustments since the budget was adopted in June 2015.
September 2015 —
On July 22, 2015, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2016 and an associated financial plan (the “July Plan”). The July Plan shows that the short-term outlook for the MTA’s operating budget has improved with the economy, but the 2015-2019 capital program still has a $9.8 billion funding gap.
August 2015 —
On June 26, 2015, the City of New York submitted to the New York State Financial Control Board a four-year financial plan (the “June Plan”) covering fiscal years 2016 through 2019. The June Plan projects a balanced budget for FY 2016 and manageable out-year budget gaps. In addition, the City has been increasing its reserves, which could cushion the impact of an adverse budgetary development.
June 2015 —
On May 7, 2015, the City of New York submitted to the New York State Financial Control Board a revised financial plan (the “May Plan”) covering fiscal years 2015 through 2019. Despite the cost of new labor agreements and large increases in agency and capital spending, the May Plan projects a surplus of $3 billion for FY 2015, a balanced budget for FY 2016 and manageable out-year budget gaps.
March 2015 —
On February 9, 2015, the City of New York submitted to the New York State Financial Control Board a revised financial plan (the “February Plan”) covering fiscal years 2015 through 2019. The February Plan incorporates the Mayor’s preliminary budget for FY 2016 and developments during the first half of the current fiscal year.
December 2014 —
On November 25, 2014, the City of New York submitted to the New York State Financial Control Board a revised four-year financial plan (the “November Plan”) covering fiscal years 2015 through 2018. The November Plan incorporates developments during the first quarter of the current fiscal year, including higher-than-expected tax collections and agency spending. The November Plan shows substantially smaller out-year gaps than projected by the City in June 2014, mostly because of savings from better-than expected pension fund investment earnings in FY 2014 and additional debt refinancings.
October 2014 —
On July 28, 2014, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2015 and an associated financial plan (the “July Plan”). The July Plan, which covers 2014 through 2018, shows that the MTA’s short-term financial outlook continues to improve with the economy.
July 2014 —
On June 26, 2014, the City of New York submitted to the New York State Financial Control Board a revised financial plan for FY 2014, which ended on June 30, 2014, and a new four-year financial plan (the “June Plan”) for fiscal years 2015 through 2018. The June Plan incorporates the adopted budget for FY 2015 and other revisions since the Mayor released his executive budget.
June 2014 —
On May 21, 2014, the City of New York revised its financial plan (the “May Plan”) to update its revenue and expenditure forecasts for fiscal years 2014 through 2018. The May Plan reflects the Mayor’s executive budget for FY 2015 and the recently ratified labor agreement with the United Federation of Teachers (UFT).
March 2014 —
On February 12, 2014, the City of New York revised its four-year financial plan (the “February Plan”) to update its revenue and expenditure forecasts, and to begin reflecting the priorities of the new mayoral administration. Since the beginning of the fiscal year, the City has raised its tax revenue forecast by more than $5 billion through FY 2018 because the economy is outperforming the City’s expectations.
December 2013 —
On November 21, 2013, the City of New York revised its four-year financial plan (the “November Plan”) to reflect a number of favorable developments since the FY 2014 budget was adopted in June 2013. The City now forecasts that revenues will be higher by $1.1 billion in FY 2014 (mostly from nonrecurring sources), debt service will be lower during the entire financial plan period, and recurring savings will come from a one-year freeze in employee health insurance premiums in FY 2015.
July 2013 —
On June 27, 2013, the City of New York submitted to the Financial Control Board a four-year financial plan (“the June Plan”) based on the adopted budget for FY 2014, which began July 1, 2013. The FY 2014 budget is balanced and maintains services at current levels without raising taxes. Although the June Plan projects modest budget gaps in future years, the City has yet to reach new labor agreements with its unions.
June 2013 —
On May 2, 2013, the Mayor released his executive budget for FY 2014 and the associated four-year financial plan (“the May Plan”). The May Plan reflects the estimated impact of federal sequestration, the cost of Superstorm Sandy and the enacted State budget. Although the May Plan projects modest budget gaps beginning in FY 2015, the City has yet to reach new labor agreements with its unions.
March 2013 —
On January 29, 2013, Mayor Bloomberg released his executive budget for FY 2014 and the associated four-year financial plan (“the January Plan”). The January Plan reflects the City’s failure to reach agreement with the United Federation of Teachers on a new teacher evaluation system, which may result in the loss of $250 million in State education aid and cuts in educational services. The January Plan also reflects the estimated cost of Superstorm Sandy.
December 2012 —
On November 9, 2012, Mayor Bloomberg revised New York City’s four-year financial plan (the “November Plan”) to reflect a delay in the planned sale of additional taxi medallions caused by legal challenges. Previously, the City’s financial plan had counted on the receipt of $635 million from the sale in FY 2013, and a total of $1.5 billion over three years. The City no longer anticipates the receipt of any sale proceeds in the current fiscal year, and now expects to realize $1.5 billion during fiscal years 2014 through 2016.
October 2012 —
On July 25, 2012, the Metropolitan Transportation Authority (MTA) released a revised four-year financial plan (“the July Plan”). A review finds that the MTA’s finances have improved appreciably over the past two years.
July 2012 —
One year ago, New York City projected a budget gap of $4.6 billion for FY 2013 and out-year gaps that reached $4.9 billion. Since then, the City has successfully closed the FY 2013 budget gap and narrowed the FY 2014 budget gap to $2.5 billion without raising taxes or cutting basic services. Most of the improvement, however, has not come from higher revenue forecasts, but from drawing down reserves and other nonrecurring resources.
June 2012 —
Nearly one year ago, New York City adopted a balanced budget for FY 2012, but projected a budget gap of $4.6 billion for FY 2013, and even larger gaps for subsequent years. On May 3, 2012, the Mayor issued his executive budget for FY 2013 and an associated four-year financial plan (the “May Plan”). The City now projects a modest surplus for FY 2012, a balanced budget for FY 2013, and out-year budget gaps that average $3.3 billion.
March 2012 —
In June 2011, New York City projected a balanced budget for FY 2012 but a large budget gap of $4.6 billion in FY 2013, and even larger gaps in subsequent years. On February 2, 2012, the City issued a revised financial plan (the “February Plan”). The City has closed the FY 2013 budget gap and narrowed the outyear gaps to $3 billion in FY 2014 and about $3.5 billion in subsequent years. Most of the improvement comes from freeing up reserves (nearly $5 billion), proceeds from the anticipated sale of taxi medallions ($1 billion) and savings from agency actions.