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Gotham Gazette

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Financial Control Board

Financial Control Board

  • Once Rife with Problems, City Budget Process Now a Model for State System in Need of Reform

    cuomo exec budget pres 2014

    Governor Cuomo presents his 2014-2015 Executive Budget


    In 1975 New York City was teetering on the edge of bankruptcy, having balanced its budget for years with massive borrowing and shady accounting tricks. Banks were at the point where they would lend no more. Mayor Abe Beame had written the announcement of the city's default. City lawyers were in State Supreme Court filing a petition for bankruptcy and police were prepared to serve

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