March 20, 2010 · www.gothamgazette.com

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State's Debt Burden
This new report by the Citizens Budget Commission says the state's debt burden is in the 'danger zone' and points out that only three other states have higher levels of debt. It finds that the state is paying $5.6 billion in debt service, and that will grow to more than $7.1 billion in four years, which equals one out of every ten dollars paid in taxes. 2010-03-11

Public Spending Per-Student at Charter Schools
Per-student public spending on children in charter schools is similar to that spent on public school children, according to this new report by the Independent Budget Office. Per-student general education spending at traditional public schools totaled $16,678, the study found, while children attending charter schools housed within public schools got only $305 less per student. Over two-thirds of charters are located in public school buildings. However, charter schools located in private space received only $13,661 per student, the IBO noted. 2010-02-25

Cutting Costs, Raising Revenues
At this time of fiscal distress, the city Independent Budget Office presents 63 possible ways to save money in "Budget Options for New York City." While not endorsing any proposal, the plan sets forth a number of ideas, how much money they would save, and arguments pro and con. The options include eliminating runoff elections, charging people for garbage collection based upon how much they throw away, several plans to reduce pension costs, restoration of the commuter tax, putting a tax on plastic surgery and bringing back the fare for the Staten Island Ferry. 2010-02-24

The Capital Budget
Just in time for budget season, the city's Independent Budget Office has released "A Guide to the Capital Budget," a 16-page primer on what that budget is and how the funds are raised and allocated, as well as tips on how to read the budget and a glossary of terms.  2010-02-09

Unemployment Across the City
A new report from the Fiscal Policy Institute found the unemployment rate in New York City varies greatly from neighborhood to neighborhood. For example, the unemployment rate was 5.1 percent in the third quarter of 2009 on the Upper East and West Sides of Manhattan, but it was 15.7 percent in the South and Central Bronx and 19.2 percent in East New York in Brooklyn. Citywide it was just over 10 percent.  2009-12-22

Aligning Municipal Benefits with the Private Sector
This new report by the Citizens Budget Commission and the Partnership for New York City argues that the city could save about $1.4 billion a year by aligning municipal health insurance benefits with those of local private sector firms. 2009-12-17

A City BUdget Surplus
The city will end the fiscal year with a $624 million surplus, according to an analysis of the 2010 budget modification released yesterday by City Comptroller William Thompson Jr., The surplus, the result of higher than expected revenues, will go to prepay some of next year's debt service. The city faces rising deficits over the next three years, reaching $5.5 billion by 2013, although that could be offset if tax revenues exceed Mayor Michael Bloomberg's projections. 2009-12-16

Pension Fund Proposals
According to Comptroller Bill Thompson's annual pension funds shareholder proposal report, the comptroller's office submitted shareholder resolutions to 124 companies during the 2009 proxy season. Of those, 14 companies adopted recommended corporate governance proposals and 26 companies adopted recommended social responsibility resolutions. Among them, nine companies adopted a ban against workplace discrimination based on gender identity. 2009-12-01

Evaluating a Teachers' Contract
With the United Federation of Teachers and the city negotiating a new contract, the Citizens Budget Commission has issued a report on how it thinks New Yorkers should assess any new agreement. Among other things, the fiscal watchdog says the contract should require measures to stem increases in pension and health insurance costs and institute merit pay and new provisions to fire unsatisfactory teachers. 2009-11-15

Grading the State on Budget Reform
The state's budget process remains opaque and rushed, and it has not followed many of the 2007 reforms it enacted, according to a new report by Citizens Union, the sister organization to the Citizens Union Foundation, which publishes Gotham Gazette.  2009-11-11

The Cost of Atlantic Yards
The basketball arena planned for the Atlantic Yards project in downtown Brooklyn would cost the city nearly $40 million more in than it will generate in tax revenues over a 30-year period, according to a report released yesterday by the Independent Budget Office. In 2005, the IBO concluded the arena would produce a net fiscal benefit for the city, but since then the city's subsidy for the controversial project has increased, essentially wiping out much, if not all, of the city's projected gain. 2009-09-11

Class Size Reduction Funding
Over 25 percent of the funds provided by the state to the city meant for reducing class size was redirected or misspent, according to a new audit by city Comptroller William Thompson. 2009-09-10

Jobless Benefits Lag
The State Legislature has prevented about $267 million in additional benefits for the state's unemployed, because it has not considered legislation that increases the state's maximum weekly payment from $405 to $475, according to a new report from the Fiscal Policy Institute and the National Employment Law Project. Those benefits, according to the report, could help upstate in particular, where payments would increase in 11 counties by more than 10 percent if the state approved the increase. 2009-07-06

April 2009 Pension Fund Report
State Comptroller Thomas DiNapoli released a regular monthly report last week, which found that the $109.9 billion New York State Common Retirement Fund closed about $315.8 million of transactions in April. 2009-06-10

Discharge Funding Up
Since 2005, funding for discharge programs for those in city jails has nearly tripled to more than $14.5 million, according to a new report from the Independent Budget Office. Though the results of these programs have been inconclusive, according to the report, funding has been more than steady. Many of these programs, almost two-thirds of discharge funding, are run through the Mayor's Center for Economic Opportunity. 2009-06-04

Possibilities for Private-Public Partnerships
The New York State Commission on State Asset Maximization released its final report this week outlining possible state assets that are suitable for public‐private partnerships. Among the areas it recommends partnerships for are in natural gas drilling upstate, the Gowanus Expressway, transit oriented development at the MTA, and electricity infrastructure. It also calls for the creation of a board that could formally assess public-private proposals with a set of predetermined principals. 2009-06-03

No-Bid Education Contracts
Between July 2005 and June 2008, the city Department of Education gave out a total of $342.5 million in no-bid contracts of $100,000 or more, according to an audit by State Comptroller Thomas DiNapoli. The review, requested by Public Advocate Betsy Gotbaum, said the department did not always document why the contract did not go out for competitive bidding and cited one case where the department did not advertise a $16.5 million contract in the City Record until 25 days after it was awarded. The report concluded that the department "“needs to improve its procurement requirements." 2009-05-20

Gentrification Displaces Students
Five high schools closings in East New York, Canarsie and Far Rockaway could be attributed to gentrification, according to a new report from the Institute for Children and Poverty. Titled "Pushed Out: The Hidden Costs of Gentrification: Displacement and Homelessness," the report suggests that students can often be displaced by gentrification. According to the report, about 2,150 students from East New York and 2,400 students from Canarsie will have to find other schools, because the city has phased out "larger, lower-performing high schools." 2009-04-28

New York's Economic Outlook Worsens
A new study by the American Legislative Exchange Council found the Empire State has the worst economic outlook in the country. New York State also ranked 43rd out of 50 for economic performance. The council bases its rankings on tax burdens, per capita income and the minimum wage, among other measures. 2009-04-21

What You Should Know About Pensions
The Citizens Budget Commission recently published this report called "The Explosion in Pension Costs: Ten Things You Should Know About Retirement Benefits for New York City Employees." It lays out the reasons why pensions are growing so extraordinarily in easy to understand terms. 2009-04-16

IBO Breaks Down the Budget
Even with its substantial spending cuts, the mayor's preliminary budget would still leave the city with a $1.4 billion budget gap in 2010, according to the Independent Budget Office's analysis. In 2011, the gap would be $5 billion, which is $1.7 billion more than the mayor's estimate. The analysis of the budget proposal also finds that reductions in firefighters would result in the lowest number since 1980; that the cost of transporting the city's waste to landfills and incinerators would grow from $315 million to $395 over three years; and that the average daily population in the city's jails would drop by about 1,700 from the average of 13,850. 2009-04-02

Education Spending Excess
A new report from councilmember and public advocate candidate Bill de Blasio shows the city’s Department of Education spent $57.3 million on “unnecessary” tests, courier services and an expanded press office. According to the report, the department spent $1.3 million on the press office expansion, including on a “truth squad” aimed at correcting misinformation. 2009-03-29

Education Department Spending
The Department of Education spent $57.3 million on unnecessary tests, courier services and an expanded press operation, including a seven person "Truth Squad," according to a report by Councilmember Bill de Blasio. 2009-03-27

Running on Empty
A new report from Councilmember David Yassky, the chair of the council's small business committee, urges the city to revise its broker system for taxis, calling it unregulated and abusive to drivers who lease cars and medallions. According to the report, the overall cost of the vehicle lease through a broker can be double the cost of a public lease. The report recommends the city adopt a stricter long-term lease cap and require an exit clause for drivers who lease, among other recommendations. 2009-03-24

Claims Against City Up
A new report from New York City Comptroller William Thompson found the city paid $567.9 million in settlements and judgments for personal injury, property damage and law claims in fiscal year 2008. During fiscal year 2007, according to the report, the city paid $558.3 million. In fiscal year 2008, the city had 26,798 new claims -- the second highest number since 1999. The Department of Transportation and the Police Department had the highest number of claims against them. 2009-03-17

Race and the Budget
The state budget for next fiscal year proposed by Gov. David Paterson will continue or even increase many disparities among racial and ethnic groups in the state, according to a report by Citizen Action. The study by the organization, which supports an increase in the tax on wealthy New Yorkers, said that, in some areas, the budget will reduce racial differences, but cites areas where the budget will increase gaps, such as reductions in school aid, tuition increases and budget cuts at CUNY and SUNY, and higher premiums for Child Health Plus. 2009-03-04

Audits Saved Cash
A new report from Comptroller William Thompson contends that $16.5 million was saved from audits conducted by the office in fiscal year 2008. The city, the report states, could have saved an additional $59.1 million if it had adopted all of the office's recommendations. During that budget year, the office conducted 80 audits and special reports. 2009-03-03

The State's Health Spending
In a survey of 19 states, New York is tied for the highest rate of health spending as a percentage of gross state product, according to the Rockefeller Institute of Government. The state also spends more than any of those states on Medicaid, both in terms of total dollars and per-capita spending, the study showed. 2009-02-27

Tax Expenditures for 2009
A new report released by the Department of Finance summarizes the city's tax expenditure programs for fiscal year 2009. The report is mandated by the City Charter. It looks at both residential and commercial programs. 2009-02-22

Higher Education in Prison
In-prison college programs reduce recidivism rates, create a more positive environment in prison and are more cost effective than incarceration, argues the Correctional Association of New York in a new report. The study examines several effective post-secondary correctional education programs and calls for an expansion in the state of similar programs. 2009-02-02

All Indicators Signal a Severe Recession
Comptroller Thompson has released a quarterly financial report which calls the fourth quarter of 2008, the third successive quarter of decline, one of the worst economic periods for New York City in recent memory. The Comptroller predicts further declines in 2009. In total last year the city lost a total of 53,600 jobs from December 2007 to December 2008. Among the other findings are falling sales tax revenues, rising office vacancies. 2009-01-30

Expanding the State's Temporary Release Program
The Center for Community Alternatives argues in this report that the state could save millions of dollars by expanding the temporary release program, which allows prisoners near the end of their sentences to be released early into rehabilitative programming. 2009-01-29

Building Department Scofflaws
The city has failed to aggressively pursue millions of dollars in unpaid fines resulting from Environmental Control Board violations issued by the Department of Buildings, according to an audit by city Comptroller William Thompson Jr. This, he said, has allowed businesses to avoid fully correcting violations or paying fines. The audit also criticizes collection efforts by the Department of Finance. 2009-01-27

State Funding for Public Colleges
Even before mid-year cuts in last year's state budget, aid to SUNY’s four-year colleges and graduate schools fell by 5 percent per student since the early 1990s, and at CUNY state support was down by 14 percent over the same period, according to this new report by the Fiscal Policy Institute. At community colleges, funding was down by 12 percent at SUNY and 26 percent at CUNY. 2009-01-16

A Worsening Fiscal Outlook
New York City faces an even grimmer fiscal picture than the one outlined by Mayor Michael Bloomberg, according to a new report by State Comptroller Thomas DiNapoli. While the city will end this fiscal year with its budget balanced, DiNapoli foresees a budget gap of $3.5 billion for fiscal year 2010 and $8 billion for 2011. Bloomberg projected a $3 billion deficit for 2010. DiNapoli attributes his new estimate to the worsening economy situation and likely cuts in state aid to the city. 2008-12-23

Comptroller Forecasts Larger Budget Hole
City Comptroller William Thompson Jr. released an analysis of the mayor's November budget modification and predicted the city's deficit would be larger in this budget year than initially expected. The report says the budget hole in fiscal year 2009 could be $1.9 billion, decrease to $1.5 billion in fiscal year 2010, and increase again to $5 billion by fiscal year 2011. 2008-12-16

Ravitch Commission Report
To rescue the Metropolitan Transportation Authority from a financial sink hole, the Ravitch Commission recommends: Enacting a payroll tax on corporations in the region; tolls on the Harlem and East River bridges; a fixed schedule of fare hikes pegged to inflation; implementing a bus rapid transit program; reforming the authority's governance structure; and increasing transportation and accountability. 2008-12-05

Capping Property Taxes
The Commission on Property Tax Relief has recommended the state cap property tax increases, according to the commission's final report released yesterday. The report, which has 32 recommendations, supports the adoption of mayoral control in the state's four largest cities and consolidating districts statewide with less than 1,000 students. The commission was formed in January to look into the causes of the state's high tax burden. 2008-12-02

New York's 'Shadow Government'
A new monograph from the Hugh L. Carey Center for Government Reform at Wagner College seeks to explain to interested citizens the role that public authorities, such as the MTA, play in the governance of New York State. The report focuses on controversies at individuals authorities, their growth over the years, and possible means of reforming them. 2008-11-20

A Budget Outlook
A new report from the state comptroller's office compiles budget projections from the governor, the senate and the assembly in advance of budget negotiations for the coming fiscal year. The report is required by state law. According to the report, state spending could increase by 36.6 percent, while revenues may grow by 4.7 percent by March 2011. 2008-11-19

Yankees Owe Millions
A new report by Comptroller William Thompson Jr. found the Yankees underpaid the city $11 million in rent between 2003 and 2006. The team has agreed to pay the city back. During that same time period, the Yankees gross revenues totaled more than $1 billion, and it paid the city $17.1 million in rent. 2008-11-10

Annual Financial Report
City Comptroller William Thompson Jr. released an annual report for fiscal year 2008, which found the city ended that year with a $5 million surplus. That year ended in July. Approximately $4.6 billion went towards paying down future debt, including for this fiscal year and through half of 2011. The report is required by the City Charter. 2008-11-03

Health Insurance Risk Pools
The United Hospital Fund of NYC examined New York's commercial market for individuals and small businesses, and looks at one approach to shoring up New York's "Direct Pay" market in their report, Merging the Markets. They found that combining the risk pools of New York's individual and small group health insurance markets could reduce premiums for individuals by more than 37 percent, and that increased state reinsurance funding of could mitigate health insurance premium increases for small employer groups that may result from such a merger. 2008-10-20

State's Financial Condition
State spending increased by 19 percent over the last four years to $116 billion, according to the 2008 Financial Condition Report. Inflation over that period rose 13 percent. This report, published annually by the state comptroller, covers the financial condition of state government for the last fiscal year, written in a format meant for the general public. 2008-10-10

Brooklyn Shows Resiliency
An analysis for the Brooklyn Chamber of Commerce prepared by the Fiscal Policy Institute says Brooklyn could fare better in the latest economic downturn than the city as a whole. Brooklyn could lose about 6,000 jobs during the current fiscal crisis, according to the report, or about 1.4 percent. The city is expected to lose 2.6 percent. 2008-09-15

Internet Sales Tax Lost
A recent report from the Independent Budget Office reveals half of the e-commerce purchases by New York City residents would be taxable at about $2.2 billion. These sales should create $173 million in revenue, of which $82 million could go to the city. From July 2006 through June 2007, the city lost about $29 million in revenue because these local taxes were not collected on Internet sales. 2008-09-03

Foregone Commercial Property Taxes
The Industrial and Commercial Incentive Program, a heavily criticized commercial property tax exemption, cost the city $512 million in foregone taxes this year, according to a new report by the Independent Budget Office. The cost grew an average of 13 percent a year from 1999, when it was $170 million, the study said. The IBO finds that reforms to the program should slow the growth in foregone revenue. But it will take "many years" for that to happen, since properties already receiving the benefits or scheduled to receive them will not fully realize those exemptions for 25 years after they are awarded. 2008-08-29

Unemployment Strain
As of July 2008, 500,000 workers were unemployed across the state, according to a new report by the Fiscal Policy Institute. That is 56,000 more workers than the same period last year, and unemployment claims are up to 25 percent higher, it said. But the state's unemployment system isn't adequately funded, nor are its benefits large enough, to support New Yorkers out of work, the report said. 2008-08-28

MTA Subsidies Flat
A new report from the Independent Budget Office shows that state and city subsidies for the Metropolitan Transporation Authority have remained flat since the 1990s. The city’s operating subsidy to New York City Transit has been $159 million since the mid-1990s, while the state gives about $191 million for operating expenses annually. 2008-08-18

New York's Local Tax Burden
A new report from the Tax Foundation found New York has the second highest local-state tax burden following New Jersey. New Yorkers paid 11.7 percent of their income in local taxes compared to residents of New Jersey, who paid 11.8 percent. New Yorkers also paid 11.7 percent in state and local taxes in 2007. 2008-08-11

Debt is Up, Gaps Widen
Though this year's budget was successfully balanced, a new report by Comptroller William Thompson warns of burgeoning debt and large budget gaps in the coming years. Gaps as large as approximately $5.7 billion could arrive by 2010. To address this, the report recommends the city establish a rainy day fund to address unexpected costs. 2008-07-28

Disability Assistance Program Audit
The Human Resources Administration has not created a formal process for monitoring and evaluating the data submitted by contractors running the Wellness, Comprehensive Assessment, Rehabilitation, and Employment program - which offers services and support to people with disabilities - according to an audit by the city comptroller's office. The city has budgeted $200 million over three years for the program, which is called WeCARE for short, and two-thirds of that is awarded to contractors once they complete certain milestones. The agency agreed to create an evaluation and monitoring process in response to the audit. 2008-07-11

Passing Grades for Brooklyn Community Boards
The 18 community boards in Brooklyn generally comply with city purchasing and inventory procedures, according to an audit by City Comptroller William Thompson. The auditors found some minor weaknesses and recommended steps to address them. 2008-06-30

Cost of Early Retirement
An analysis by the Independent Budget Office found that a bill currently under consideration by the State Legislature that would lower the retirement age from 62 to 55 for some public employees would cost more than $68 million. That estimate was one that has varied widely -- $200 million from the Bloomberg administration to 0 from a union-backed actuary. The estimate takes into account the salary savings the city could realize if some public employees retired and entry-level workers replaced them. 2008-06-23

School Spending
The Department of Education is violating state regulation on how it can spend money the courts awarded the city for schools last year, according to the Campaign for Fiscal Equity, the group that brought the suit resulting in additional funds. The department has not fully disclosed how they propose to spend the money, the group says. But of the $231 million they have provided public information on, only 40 percent is allocated for the neediest schools, they say. State regulation mandates that the neediest half of schools and children receive 75 percent of the funds awarded to the city. It also says the city must make its proposals public. 2008-06-20

City Fails to Pay its Own Water Bill
An audit by the City Comptroller found that the city’s Economic Development Corporation had not paid water or sewer bills for the last 22 years on a leased property in Sunset Park, Brooklyn. The unpaid bills totaled $4.5 million, according to the New York Times. The city’s Department of Environmental Protection has now billed the corporation for $497,000, which accounts for two years of payments. Under an agreement with the City Council, the city cannot seek payment for previous years. The audit found that the Economic Development Corporation failed to contact the Department of Environmental Protection to ask why it wasn’t being billed for water and sewage use - charges it must pay under its lease agreement. The Department of Environmental Protection was unaware that the Army Terminal had been leased to city's corporation. 2008-06-10

Bankless NYCHA Residents
A new report by the City Council found approximately 98,000 residents of the New York City Housing Authority are “bankless.” The report, released late last month, found that 24 percent of residents of the city’s public housing do not have a checking or savings account and 53 percent of residents use a check-cashing service. The report urges the mayor’s Center of Economic Opportunity to expand financial education opportunities for these residents. 2008-06-03

Job Losses Predicted
New York City could lose 85,000 jobs between now and 2012 largely as a result of problems in the financial sector, according to a report by City Comptroller William Thompson. Although the city has weathered the economic downturn better than many other parts of the country, Thompson predicted the loss of financial jobs eventually will have a wider ranging effect, since they account for 30 percent of city salaries and wages. In his analysis of the mayor's budget for the next four years, Thompson said he did not expect the current slowdown to be “disastrous." 2008-06-01

A Brighter Executive Budget
An analysis of the Bloomberg administration's executive budget by the Independent Budget Office predicts a brighter fiscal picture for the near future, but also foresees larger budget gaps by 2011. Because of higher than expected revenues, the early retirement of debt and spending reductions, the office predicts the city will not have a budget shortfall in 2009 and 2010. But, it also projects a $3.3 billion shortfall in 2011 and nearly $4.3 billion in 2012. 2008-05-21

Reasons for Water Rate Hike
This report by the Independent Budget Office examines the reasons behind the rise in water and sewer rates. Fringe benefits for system employees, energy and chemical costs, and state taxes are some of the biggest reasons for growth in operations and maintenance costs, which have risen 40 percent since 2001. They are estimated to rise another 20 percent this year. These costs will no longer be the largest category of spending, however, and will been overtaken by debt service, which is expected to begin rising 15 percent a year. Rent paid by the Water Board to the city for use of its infrastructure is expected to rise 13 percent a year. 2008-05-08

Loophole Closure Could Raise Millions
New York City could realize as much as $225 million annually in net revenue if it closed a loophole in the unincorporated business tax that applies to hedge funds and private equity firms, according to a new report from the Fiscal Policy Institute. The report argues for closing the loophole so the city could tax managing partners at private equity firms and hedge funds. These partners are now not taxed because they invest their own capital, which is also subject to the personal income tax. In 2007, the 13 leading New York City hedge funds generated $20 billion in profits. 2008-04-21

The Council's Budget Response
The City Council has identified $1.37 billion in additional budgetary resources, from revenues to agency cuts, since the release of the mayor's preliminary budget, according to the council's budget response released yesterday. The proposal identifies about $160 million in agency cuts, and the remaining resources can be attributed to re-estimates and additional revenue sources. The council plans on extending the 7 percent property tax reduction as well as the $400 rebate, which were staples of last year's budget. The mayor must release his executive budget by May 2, then the council and the administration will hash out a compromise by July. 2008-04-02

Support for Public Hospitals
The city's annual subsidy to the Health and Hospitals Corp. has increased from about $290 million a year to $1.2 billion a year in less than 10 years, enabling public hospitals to provide care while building a cash balance of $1 billion, according to a report by the Independent Budget Office. Much of the increase comes from changes in Medicaid, which allow the city to funnel more money to the hospitals. But the report concludes the hospitals may face financial challenges in the years ahead as payments for patient care only cover about two-thirds of their operating expenses, making the corporation dependent on funds from the city, state and federal governments. 2008-03-12

Effects of Bush's Budget on New York
New York state would lose $1.7 billion in funds under President Bush’s 2009 budget, according to a new report by the Fiscal Policy Institute. Among the largest program cuts would be $231 million from K-12 education; $90 million in low income heating assistance; and $75 million for public housing. And the budget could shift another $2.7 billion in Medicaid costs over five years onto New York. The state currently faces a $4.7 billion deficit. 2008-02-22

Campaign Contributors Surge
About 30 percent more contributors have given to candidates vying for office in 2009 than in a similar election in 2001, despite the fact that the election is almost two years away, according to a new analysis from the city's Campaign Finance Board. Net contributions have more than doubled compared to a similar period during the 2001 cycle to $25.7 million. Campaigns in the most recent election cycle are also more reliant on large contributors than in 2001 - small donors represent more than 56 percent of donors now when they represented more than 70 percent in 2001. 2008-02-11

A Dismal Fiscal Future
A new report by the city's Independent Budget Office paints a disappointing fiscal portrait for the coming years, which could even worsen if the nation's housing crisis begins to seriously penetrate the local real estate market. The report projects a $3.1 billion budget gap in 2009, approximately $360 million more than the mayor's office predicted in October. Those gaps grow to $4.6 billion in 2010 and $6.3 billion in 2011. The report cites costly labor agreements and slowing economic growth as reasons for the budget gaps. 2008-01-08

Free Subways and Buses
By charging $16 for cars and $32 for trucks entering the Central Business District, imposing a surcharge on taxi medallions and charging higher curbside parking within the district, New York City could totally eliminate fares for subways and buses, says a preliminary report by Nurture New York's Nature, an advocacy group. The report says that the fees would reduce traffic in the district by 25 percent and 10 percent citywide, resulting in $4 billion in annual savings through increased productivity. 2007-12-19

Higher Education in New York
A report by the New York State Commission on Higher Education calls for increased funding and thousands more faculty members to boost the state's universities. The report, released yesterday in preliminary form from a commission with members appointed by Gov. Eliot Spitzer earlier this year, recommends hiring 2,000 more faculty members at the State University of New York and the City University of New York, including 250 eminent scholars over the next five years. The report also calls for the establishment of a $3 billion research fund and the creation of a low-cost student loan program. Upon release of the report, Spitzer said the following in a prepared statement: "I look forward to evaluating this report and taking the Commission's recommendations for how my administration can create policies and programs that will make New York's higher education system second to none into consideration." 2007-12-18

The Primary Care Reimbursement System
The Primary Care Development Corporation and RSM McGladrey, Inc. released a report last week on the reimbursement system for primary and preventative care providers in New York City. The report finds financial losses for care providers ranging from $28 to $227 per patient visit. Voluntary hospitals lose the most per visit, at $227 per patient, while New York City Health and Hospitals Corporation hospitals lose the second most, at $133 per patient. The current reimbursement system, the report says, is inconsistent and inadequate; lacks transparency; and does not promote positive health outcomes or support high-performing care. 2007-12-12

Comptroller’s Pension Proposals for 2007
City Comptroller William Thompson filed 22 different types of shareholder resolutions on behalf of the New York City Pension Funds with 100 different types of companies during the 2007 proxy season, according to a report released recently. Out of those resolutions, Thompson submitted corporate governance proposals to 32 companies and social and environmental responsibility proposals to 76 companies. The proposals included a call to implement the International Labor Organization and United Nations Human Rights Norms into companies’ international operations as well as a call to disclose political contributions, among other initiatives. 2007-12-11

Budget Gaps Widen
The city could face a budget gap of more than $6 billion in 2011, according to a report by City Comptroller William Thompson released yesterday. The report examines the mayor’s financial plan revisions released in October, when, the report states, the mayor took “appropriate” steps to begin to address a slowing economy. Tax revenues are below the projections made at the time of the budget’s adoption by $148 million for fiscal year 2008, which the mayor’s budget modification addresses. For 2009, the budget gap has grown from $1.55 billion to $2.73 billion, according to the report, which prompted the mayor to direct agencies to cut spending. 2007-12-04

Inefficiencies in State Budget
A new report by the Citizens Budget Commission, a business backed budget watchdog, has identified $5 billion dollars in state spending that could be spent more effectively. The report's three main suggestions include: redirecting $1.2 billion dollars in Medicaid spending to the neediest; restructuring the health benefits and pensions of state employees, which would save about $1.1 billion; and ending or scaling back ineffective economic development programs. 2007-10-17

Subprime Lending Remains High in City
Subprime lending in New York City decreased between 2005 and 2006, but it did not come close to the drop seen nationally, according to an analysis by the Furman Center for Real Estate and Urban Policy - an initiative of New York University’s School of Law and the Robert F. Wagner School for Public Service. The city's lending declined from 23 percent to 19.8 percent, while the country's rate fell far more sharply, from 17.9 to 12.8. The analysis also revealed that economic and racial disparities persist in subprime lending. Hispanics are three times as likely to get a subprime loan and blacks are four times as likely compared to white borrowers. Similar disparities were seen by neighborhood. 2007-10-16

Council Members Spend $1 Million for Self-Promotional Ads
Citizens Union released a study showing that the members of the City Council have spent close to $1 million in tax dollars over the past five and a half years on advertising in local community newspapers and event journals, of which $343,000 was spent during the election years of 2003 and 2005 in possible violation of the city charter when almost all were running for re-election or election to another office. Most of the advertising appears not to provide a public service or impart information about public meetings and hearings, but rather simply extends holiday greetings or salutatory congratulations. 2007-10-15

MTA Sees Millions Needed for Pricing Plan
In a report from the Metropolitan Transportation Authority to a 17-member congestion pricing commission, the authority states Mayor Michael Bloomberg’s congestion pricing plan could benefit the city’s public transportation system, but also would cost millions for the authority to implement the necessary improvements. According to the report, the authority estimates capital improvements could cost $283.6 million and the net operating expenses could be $55.8 million. These improvements are not included in the authority’s current financial plan or capital budget, the report concludes. These costs also come while the authority is considering a fare hike to address a looming budget deficit. The authority estimates the total unfunded capital costs needed to implement service improvements is $767 million. 2007-10-09

City Council Violates Charter
New York City Comptroller William C. Thompson, Jr. issued an audit citing the New York City Council for violating the City Charter, City rules, and its own regulations including spending $1.67 million for printing without entering into formal contracts. 2007-09-24

Federal Help Not Likely for City Housing Authority
The Independent Budget Office reports that the New York Housing Authority "has recently shown a pattern of optimistic projections, delayed action, and unrealistic assumptions," in the midst of dire fiscal straits. It continues to rely on state and federal funds to help close its budget gap, and although a recent state increase will certainly help, says the IBO, the feds are not likely to help. 2007-09-21

Bank Branches Surge
A report released by Rep. Anthony Weiner and Councilmember Letitia James shows new bank branches have flourished in New York City since 2000, but have not opened in poorer neighborhoods. Bank branches have increased 27 percent, or by 338 branches, of which 88 have opened in the city’s wealthiest neighborhoods. In comparison, only 9 banks opened in the city’s poorest neighborhoods. Since 2000, 24 branches opened in the Bronx, while branches increased by 168 in Manhattan, according to the report. In response, Weiner suggests providing incentives for banks to open in underserved neighborhoods. 2007-09-11

Fare Hike Not Necessary Just Yet
Before the Metropolitan Transportation Authority looks to increase fares, the city and state should consider recommendations from the recently formed congestion pricing commission and the authority’s five-year capital plan, according to a report by New York State Comptroller Thomas P. DiNapoli released yesterday. The authority recently proposed raising fares in both 2008 and 2010 to address a budget deficit. DiNapoli’s report suggests a fare increase would not be necessary in 2008 when the authority projects a cash balance of $323 million. Because the authority could receive state funding following its anticipated vote on a fare hike in December - which is before Governor Eliot Spitzer would release his executive budget and before the congestion commission would release its recommendations – the authority should hold off on any increase until it is aware of other possible funding alternatives. 2007-08-28

Payments by City to Settle Claims Drops for 2006
A report released yesterday by the New York City comptroller found that the city "paid out $496.4 million in settlements and judgments for personal injury, property damage and law claims in Fiscal Year 2006, a decline from $529.8 million in Fiscal Year 2005." The comptroller claims credit for the reduction due to initiatives such as Cybersettle, "an Internet-based claims settlement tool." The average claim amount settled through that tool, the report says, was over 65 percent less than those settled by other means. 2007-08-24

Alternatives to a Fare Hike
City Comptroller William Thompson has issued a report listing $728 million in new revenues that, he says, could avert a hike in subway and bus fares in 2008 and 2009. The report, Putting the Brakes on the Bus and Subway Fare, offers six steps, many of which would increase funding for the Metropolitan Transportation Authority from the city and state governments. These measures, Thompson said, would reverse recent cuts in city and state funding for mass transit and "reflect the predominant role of the downstate economy in generating tax revenue for the state." 2007-08-08

Insider Baseball: Subsidizing the New York Yankees
Taxpayers are subsidizing the Yankees’ new $1.3 billion stadium project with direct payments and tax breaks worth more than $663.5 million, according to a new report released by the watchdog group Good Jobs New York. This puts the deal in the same league as former Mayor Rudolph Giuliani’s offer to go "halfsies" on a ballpark for the world's richest baseball team. 2007-07-20

Library Funding: Subsidies Rebound, Disparities Remain
Over the last seven years, the inflation-adjusted value of the city’s subsidy to the three public library systems — Brooklyn, New York, and Queens — fell by 8.4 percent. The subsidy has now been restored to the 2000 level, but this report from the Independent Budget Office finds that there are disparities in the allocation of the subsidy among the three library systems. 2007-07-17

Working for Welfare
New federal regulations for welfare recipients could cost the city more than $200 million this year, according to a report by the city’s Independent Budget Office. The city failed to meet its quota after the first quarter under the new regulations, which requires more participants be involved in work-related activities. If the trend continues, the city could be in store for penalties. Even if it can meet the more stringent work quotas, unanticipated costs could arise from childcare for families that are entering the work force. 2007-07-05

City Owed Millions By Vendors
New York City Comptroller William C. Thompson, Jr. charged that New York City agencies are routinely failing to adequately monitor private entities granted franchise, concession and lease agreements - costing taxpayers at least $23.8 million. 2007-06-25

The Cost of Domestic Violence
While it is impossible to calculate the cost of domestic violence to a single victim, a report released this week by the Independent Budget Office dissects the cost of domestic violence to the city, estimated at $227 million in 2005. Nearly 80 percent of that funding went toward emergency services and protective services for children. The smallest portion of funding was directed at long-term services, including housing. The Independent Budget Office concluded that more than $227 million was likely spent, because it could not isolate all of the funds that contribute to fighting domestic violence. 2007-06-21

MTA Finances
Even though the Metropolitan Transportation Authority is expecting a budget surplus this year, the agency "projects large operating budget shortfalls" in 2008 and 2009 and a gap of almost $1.8 billion in 2010, according to a review by the Independent Budget Office. Closing this gap through fare hikes alone could result in the cost of a subway ride rising to almost $3. The analysis was requested by the Straphangers Campaign, an advocacy group. 2007-06-06

Comptroller's Report on 2008 Executive Budget
New York City Comptroller William C. Thompson's charter-mandated report finds that Mayor Michael Bloomberg's 2008 Executive Budget will have a surplus of $5.63 billion. The report details the measures undertaken to reduce budget gaps and notes the prepayments of future debt. 2007-05-31

A Good Times Budget
The Independent Budget Office reviews Mayor Michael Bloomberg’s executive budget for the coming fiscal year and finds the picture so bright in the short term that the biggest issue is what to do with the estimated surplus. The office foresees budget shortfalls in the comings years, a result of tax cuts and a likely slowing of the real estate market and an anticipated decline in Wall Street profits. But, the report says, the gaps “are not large given the size of the city’s budget.” 2007-05-16

Economic Impact of Times Square
Times Square generates $55 billion a year for the city's economy - more than the gross domestic product of Bolivia and Panama combined -according to a report by the Times Square Alliance, a privately-funded non-profit dedicated to improving the area. Times Square also contributes $1.1 billion in annual taxes to New York City, more than the budget for the Parks, Cultural Affairs, Youth and Community Development, Aging, and Small Business Services Departments and the public libraries combined. Eighty percent of all tourists visit the Times Square area. 2007-05-08

Saving New York City's Middle Class
The Drum Major Institute for Public Policy conducted a survey of New York City’s leaders to find ways to strengthen and expand the city's middle class. While New York City’s median family income is $49,374 a year, those surveyed think that it actually takes $75,000 to $135,000 annually for a family of four to have a middle-class standard of living in New York. With near unanimity, respondents agree that it is harder to enter the middle class today then it was ten years ago. 2007-04-03

Central Park Boathouse Gives Free Meals at City's Expense
An audit by City Comptroller William Thompson found that the Central Park Boathouse failed to report income and lavished meals on guests at the city’s expense. The audit - which covered January 1, 2004 to December 31, 2005 - determined that the Boathouse failed to report nearly $2.4 million in gross receipts and owes the city government $381,070 in fees and charges. The Boathouse management was found to have given free meals to some customers – in some cases ranging from $800 to $2,600 apiece – at the taxpayer’s expense. The full audit and agency response is available in .pdf format. 2007-03-30

Comptroller's Budget Review
City Comptroller William Thompson's analysis of the mayor's budget finds the its projections for tax revenues conservative, criticizes the governor's decision to remove the city from Albany's revenue sharing program, and warned the city to prepare for tough times. 2007-03-09

Capital Spending
Every even numbered fiscal year the Mayor is required to issue a report that outlines the city’s 10-year strategy for investing in the city’s capital needs. This report by Independent Budget Office is the first attempt to compare actual spending to the 10-year strategy, tracking capital commitments from 2000 through 2006 as compared to the 10-year strategy issued in 2000, taking into account subsequent changes to the plan. 2007-02-26

New York's High Taxes
The average household or business in New York City spends $9.02 out of every $100 of its income on state and local taxes, an analysis by the Independent Budget Office released yesterday found. This is far higher than the tax burden on the other eight cities in the United States with populations over one million. 2007-02-22

Delivering City Services
The administration has released its 2007 preliminary Mayor’s Management Report, which provides statistics on the delivery of city services during the first four months of the fiscal year. According to the mayor, the figures “demonstrate that we are continuing to build on five years of successful policies and are moving the city in the right direction." Among the findings: homicides decreased slightly; streets are cleaner than ever; calls to the city’s 311 hot lines for non-emergencies increased by 7 percent; and the number of families entering the homeless shelter system rose. Most press accounts, however, focused on the 21 percent increase in major felonies in public schools. Much of that rise was in thefts of valuable items, such as laptop computers. 2007-02-16

NYC Budget Option
The sixth annual edition of Budget Options for New York City by the Independent Budget Office presents 62 measures for reducing spending or raising revenue and includes a set of arguments for and against implementing all of the measures we review. In addition to generating savings or revenue, some of the options provide incentives to make better use of city resources and others address issues of tax fairness. 2007-02-12

Budget For 2008
Mayor Michael Bloomberg yesterday announced his fiscal year 2008 preliminary budget and four-year financial plan for New York City. The $57.1 billion budget cuts taxes by $1 billion, puts aside an additional $500 million in the Retiree Health Benefits Trust Fund created last January and uses $1.4 billion to help reduce the 2009 budget gap. 2007-01-26

Financial Capital Forever?
If Wall Street is booming at the moment, and six of the world’s top ten financial services institutions are based in the New York metropolitan area, more and more nations are challenging New York City’s position as the world’s financial capital, according to this 142-page report prepared by the consulting company McKinsey Co. working with the New York City Economic Development Corporation at the request of Mayor Michael Bloomberg and U.S. Senator Charles Schumer. “Sustaining New York’s And The U.S.’s Global Financial Services Leadership” argues that the U.S. “is moving in the wrong direction” on issues such as the availability of skilled workers (thanks in part to U.S. immigration policy), the “legal environment” (thanks in part to the complexity of the legal system and a “propensity toward litigation”) and “regulatory balance.” (the multiple system of regulators is too complex, and financial services executives sometimes describe the regulatory approach “as overly punitive and public”). Among its recommendations are that City Hall establish a “public/private joint venture” to focus on making New York more attractive and more competitive; that the city’s education institutions create the “the world’s best graduate program in financial engineering and global capital markets”; and that the city and state governments consider using tax incentives to lure “next-generation” companies to a “special international financial services zone.” 2007-01-23

Fiscal Picture in NYC Brightens
"The city's short term-fiscal picture appears even brighter than the Mayor's most recent projection," writes the Independent Budget Office in its most recent annual assessment of the city government's finances. The report predicts a surplus of $2.1 billion this year and a $688 million surplus in 2008. It attributes the windfall to strong performances by Wall Street and the real estate market. 2007-01-11

Cost Of Being A New Yorker
Government-related costs of living and doing business in New York are more than $35 billion higher than if they matched such costs across the nation, according to Benchmark New York, a study by the Public Policy Institute of New York State, the research arm of the Business Council of New York State. The study considers such costs as state and local taxes, energy, health-care premiums, workers' compensation, and state and local government charges. 2006-12-27

The City's Finances
New York City could end the 2007 fiscal year with a surplus of over $2 billion, $125 million more than the Bloomberg administration had projected, according to City Comptroller William Thompson’s State of the City's Economy and Finances report. It also projects a much narrower budget gap for fiscal year 2008, which begins in July, 2007, than was previously expected. The report credits the more optimistic forecasts to increases in revenues that stem “mostly from economic growth and real estate activity that are well above earlier expectations.” 2006-12-15

Road Pricing
“Battling Traffic: What New Yorkers Think,” a report commissioned by the Manhattan Institute and conducted by Gotham Gazette’s transportation columnist Bruce Schaller, looks at the advantages of, and surveys the public’s reaction to, three types of “road pricing.” In a series of focus groups, New Yorkers were mixed about congestion pricing, in which vehicles driving in the Manhattan business district on weekdays would pay a fee; broadly supported “express lanes” on highways for solo drivers who pay a toll as well as buses and high-occupancy vehicles; and varied in their views on increasing the cost of on-street parking. 2006-12-08

Property Tax Burden
The property tax accounts for about 40 percent of New York City’s revenues. But payment of that tax is not spread fairly around the city, says the Independent Budget Office in a report issued this week, 25 years after the current property tax system went into effect. The report found that owners of one-, two- and three-family houses pay a lower tax rate than owners of commercial property or apartment buildings. It also determined that renters, who tend to have less money, live in buildings that are taxed more heavily than co-ops or condos. 2006-12-06

Traffic Congestion
Traffic congestion costs New York businesses and consumers more than $13 billion annually and 52,000 jobs, according to this report commissioned by the business group the Partnership for New York City, which is entitled “Growth or Gridlock: The Economic Case For Traffic Relief and Transit Improvement For Greater New York.” Much of the congestion occurs between 60th Street and the Battery, where 3.6 million people travel every weekday, a third of them in vehicles. “The historic response to heavy traffic – building new highways and road capacity – is not an option any longer, since there is simply not room for the tri-state area to build its way out of the problem,” says the report, which suggests instead such solutions as implementing bus rapid transit, expanding use of ferries, and introducing congestion pricing – charging motorists for driving to certain areas of Manhattan. 2006-12-05

Automobile Insurance Too High
In “Highway Robbery: The High Cost Of Automobile Insurance In New York City,” New York City Comptroller William Thompson Auto finds that insurance companies have increased their profits thanks to a 29 percent rise in the cost of premiums in New York City over the past five years, even as the companies have paid 20 percent less in claims over that same period, because state regulators have not adequately policed the industry. “Overall insurance premiums should be reduced by at least 15 percent on average – at least $1.5 billion statewide – to bring rates back to historical balance.” 2006-11-30

School Funding Court Ruling
The ruling by the Court of Appeals, New York State’s highest court, in the thirteen-year litigation known as the Campaign For Fiscal Equity v. The State of New York. Writing for the majority, Judge Eugene Pigott Jr. sums up: “In this third appeal by plaintiffs Campaign for Fiscal Equity, Inc. et al, we address the cost of providing children in New York City’s public schools with a sound basic education. The State estimated this cost to include a minimum of $1.93 billion, in 2004 dollars, in additional annual operating funds. We conclude that this estimate was a reasonable one and that the courts should defer to this estimate, appropriately updated.” Included is the dissent by Chief Judge Judith Kaye, who concludes “our trust was misplaced” in state officials “who still have failed to fund the New York City public schools adequately” and their failure is precisely the reason why deference is not owed to them. “For more than 200 years…it has been the province and duty of the judicial branch to enforce compliance with constitutional norms, including (when necessary) as against the other branches of government. Defendants’ continued failure to cure the violation properly obligated the courts to determine the extent of noncompliance and to direct a remedy.” 2006-11-21

Staten Island Ferry Fare
The Independent Budget Office estimates that if the Staten Island Ferry would start charging a fare of one dollar, but charge it only to tourists (commuters who lived or worked in Staten Island would be exempt), “costs would exceed fare revenues within the first seven years of operation. At a fare of two dollars, however, there would be an operating surplus for the foreseeable future.” All passengers have ridden the ferry for free since 1997, when a 50-cent fare was eliminated. 2006-11-13

Social Change Through Financial Policy -- NYC And Northern Ireland
This report from New York City Comptroller William Thompson, The MacBride Principles and Fair Employment Practices In Northern Ireland, details the role of New York City pension funds and contract policies in diminishing discrimination in employment in Northern Ireland 2006-11-07

City's Economy Slows in 2nd Quarter of 2006
New York City's economy is showing signs of slowdown but a recession is unlikely, this report from the city's comptroller's office finds. The slowing growth is due largely to a cooling real estate market, it argues. The report also focuses on the tourism industry as a sector of the economy that is performing well. 2006-11-02

Gloria Wise Boys and Girls Club
The New York City Department of Investigation details in this report the story of the Gloria Wise Boys and Girls Club in the Bronx, which, led by then-executive director Charles Rosen, stole hundreds of thousands of dollars from the public, and improperly lent $875,000 to what became Air America, among other improprieties, frauds and crimes. See also article on Rosen in the New York Times, Bronx Odyssey: From Rebel to Executive to Felon 2006-10-10

Success on Health Insurance, But Fiscal Worries Ahead
New York was the only state in the country to register a significant drop in the number of people without health care coverage over the last five years. This success is based largely on the government's attempts to enroll people in public health plans, says this report from the Fiscal Policy Institute, noting that the percentage of New Yorkers who receive health insurance through work is dropping. But the system of health insurance in this country remains inefficient and expensive. 2006-09-29

City Budgets
The New York City Independent Budget Office has released a summary of 25 years of city spending, revenue, staffing, and related budgetary data. The data provide an indication of how the city’s budget has evolved. The new resource covers the fiscal years 1980-2005 and includes summaries of spending by each city agency; revenue from different sources; state and federal aid; and staffing by agency. It also provides information on expenditures on debt service. 2006-09-27

Where Albany is Spending its Member Items
Good government group Common Cause has made a spreadsheet of recent disclosures about how Albany lawmakers spend tens of millions of dollars in "member items" for special projects. 2006-09-18

An Uneven Recovery
In its State of Working New York 2006, the Fiscal Policy Institute finds that real wages in New York State are below 2002 levels, despite increased worker productivity and output. Different areas of the state are also faring very differently from one another, the report finds. 2006-09-07

NYC's Financial Plan, A Review
"An ongoing local economic recovery has brought a third consecutive year of strong revenue collections," concludes this report of the city's financial plan by the New York State Financial Control Board, but "weaker growth could lie ahead...[I]t is becoming difficult to ignore the warning signs..." Among the recommendations the control board makes to the city is that it start spending the $2.5 billion for "essential" repairs as laid out in the city's own maintenance report. None of those repairs seem to be allocated funds in the city's financial plan. 2006-08-14

Tuition At CUNY
City University of New York has become increasingly reliant on tuition over the past 17 years, as state and city aid has fallen, according to this report by the Independent Budget Office. Measured in current dollars, revenue from tuition has increased more than 90 percent, while state aid decreased by 35 percent and city aid by 24 percent. Even though both the cost of tuition and the number of students enrolled has increased, overall revenue has decreased. 2006-08-01

City Budget Balanced, But Surpluses May End
This report from Comptroller William Thompson to the Financial Control Board finds that the city’s $53.6 billion budget for Fiscal Year 2007 is balanced, but that a slowdown of the economy and rising costs could lead to future budget deficits. The city's strong real estate market helped produced a $5.7 billion surplus this year, but in the future the challenge will be controlling the costs of pensions, health insurance and debt service. 2006-07-27

Off-Track Betting In NYC Loses Money
Off-Track Betting in New York City -- which receives a billion dollars worth of bets a year in 61 OTB parlors, three “teletheaters” and nine OTB restaurants throughout the five boroughs -- has provided no revenues to city government in the last few years, because the New York State legislature has mandated increased payments to race tracks and horse breeders, as well as to the state government itself, according to this report by the Office of the City Comptroller. For four years in a row, New York City’s OTB has operated with a deficit and, says the report, is expected to continue to do so at least through 2010. 2006-07-25

The Cost of Lawsuits
New York City paid out more than $575 million to settle lawsuits against it in 2004. This is more than twice what lawsuits cost the city in 1995 and more than two and a half times what the city spent on parks and recreation in 2004. Medical malpractice claims accounted for the largest single share of the settlements. 2006-06-14

A Prudent Budget
In his analysis of Mayor Michael Bloomberg's 2007 executive budget, City Comptroller William Thompson sees prudent planning, but also some unresolved issues and potential risks. 2006-06-09

Affordable Housing Crisis Worsens
“The city continues to suffer from a significant lack of affordable housing…intensified as owners of Mitchell-Lama and Limited Dividend housing continue to leave these programs by buying out their subsidized mortgages,” states this follow-up to “Affordable No More,” a 2004 report by New York City Comptroller William C. Thompson Jr. about these two programs, which gave financial incentives for developers to construct more than 150,000 affordable apartments. But “Affordable No More: An Update” shows that “the pace at which developments leave these programs has accelerated dramatically” in the past two years. Before 2004, some 24,000 apartments were withdrawn from these two subsidized programs. Since 2004, more than 25,000 additional apartments have been withdrawn or will soon be. Among the comptroller’s recommendations are the passage of legislation to place under rent stabilization those apartments leaving the subsidized programs, and the exploration of “new partnership loan programs” that will give further financial incentive to developers to remain in the programs. 2006-06-01

Property Tax Program Benefits Luxury Buildings
A property tax savings program created to spur housing development 30 years ago may have outlived its usefulness, as Manhattan luxury developers and apartment purchasers have reaped the bulk of the program’s benefits, according to a report by City Comptroller William Thompson. An analysis of property tax savings granted under the city’s 421-a tax incentive program shows that most of the benefits have subsidized some of the most expensive housing in the city. 2006-05-25

Budget Outlook
The Independent Budget Office anticipates that the city will end the current fiscal year on June 30 with a surplus of $3.5 billion -- $100 million more than Mayor Michael Bloomberg has estimated. The office also estimated that the city will close the next fiscal year with a surplus and for the following three years will have budget shortfalls, but smaller ones than the mayor expects. The report cautions that uncertainties remain and says, “How long this fiscal good fortune lasts will depend on the economy and on decisions the mayor and City Council make about taxing and spending in the coming months." 2006-05-24

The NYC Brand
NYC Marketing, the city’s sometimes controversial office for sponsorship, licensing, media and marketing, has issued its first progress report. The office, a non-profit local development corporation launched by Mayor Michael Bloomberg, cites a number of accomplishments for the last three years, including having created a “revolutionary model to promote New York City around the world” and generating $32 million in new revenue. The agency has been criticized for its deal with the beverage manufacturer Snapple, which brought the city far less money than NYCMarketing had predicted. 2006-05-19

Executive Budget For Fiscal Year 2007
The mayor’s executive budget for fiscal year 2007, which was released on May 4th, 2006 includes a summary of the budget, a message from the mayor, and details on both the expense budget and the capital budget as well as a break-down by city agency and by geographic area (such as community board district). The mayor and the City Council must now negotiate to reach a final budget by June 30th, for the fiscal year that begins July 1, 2006. 2006-05-09

Staten Island Yankees, Deadbeats?
The Staten Island Yankees owe New York City at least $570,000 in electricity, sewage, water and other payments, and still are not providing an accurate count of attendance at their games (which determines how much rent they’ll pay the city), according to this audit by the City Comptroller. The Staten Island Yankees, five years into their 20-year lease with the city for the Richmond County Bank Ballpark, are a minor league baseball team affiliated with the New York Yankees, which is a minority shareholder in the team. 2006-04-25

Mets Stadium Financing Plan
The Independent Budget Office analyzes the financing of the proposed Mets stadium. The project will cost the state and city $266 million. (It has done a comparable analysis for the proposed stadium for the Yankees). 2006-04-21

City Economy Slows
New York City’s economy slowed for the first time in two years, according to a report by City Comptroller William Thompson, Jr. While the city’s Gross City Product – an inflation-adjusted measure of the overall economy – grew 2.1 percent in the fourth quarter of 2005, it is significantly smaller than the 3.3 percent growth in the third quarter. Three out of five key economic indicators – Gross City Product, payroll jobs, and the unemployment rate – reflect a less robust economy. 2006-04-17

Tallying the Debt
Debt issued by New York State public authorities now totals $166 billion or 73 percent of the entire debt of the state and local governments in New York, according to a new report by the Citizens Budget Commission, a watchdog group. One reason for the high level is that public authorities are not subject to the same limits on borrowing that the state government is. The report describes the different types of public authority debt and offers recommendation to make the authorities more accountable to the public. 2006-04-05

The Analysis of Mayor's January Financial Plan
The Citizens Budget Commission (CBC) today released a letter to Mayor Michael Bloomberg analyzing his January Financial Plan and suggesting ways to improve it as it evolves into the Executive Budget scheduled for release next month. 2006-03-23

Charging For Recreation
Increased fees for 20 city-owned recreation centers and for tennis permits has resulted in decreased attendance at those facilities, and revenues below what was expected, according to a report by the Independent Budget Office. “Fees At City Recreation Centers: More Pay, Fewer Play” also analyzes the plan by Mayor Michael Bloomberg to impose fees at the six recreation centers, all in low-income neighborhoods, that have remained free. Such fees, the report points out, pit two competing goals against one another – “recovering the cost of providing a service” versus “promoting healthy lifestyles.” The New York Times wrote an article about this as well. 2006-03-21

The Bloomberg Budget
Mayor Michael Bloomberg’s budget projections for fiscal year 2006 and 2007 appear to be on target, but the mayor seems to be overestimating the budget gaps for future fiscal years, according to the Independent Budget Office. In its overview of the mayor’s preliminary 2007 budget, the group anticipates spending by city agencies will not rise much, although it notes the city’s fiscal health may make it difficult to limit wage hikes for municipal workers. 2006-03-08

Tax Refund Con
One out of every 10 New York City taxpayers accepted so-called “rapid refunds” from tax preparers in 2004, and thus lost out on more than $92 million of the tax refund and other monies due them, according to a report by the Neighborhood Economic Development Advocacy Program entitled “Rapid Rip-Offs: Tax Refund Anticipation Lending in New York City.” The money the tax preparers give out is actually a loan -- a so-called “tax refund anticipation loan,” or RAL – that charges astronomically high interest, sometimes as high as 700 percent. The report finds that this unregulated practice especially targets poor people and people of color. 2006-03-06

Taxes and Consequences
The Manhattan Institute's Empire Center for New York State Policy has commissioned an updated and upgraded version of the State Tax Analysis Modeling Program (STAMP)to measure and predict how changes in state and local tax rates can have significant consequences for New York City's economy. 2006-03-03

Audits Yield Savings
Last year, 81 financial audits by Comptroller William Thompson generated $6.6 million in actual savings and $36.3 million in potential savings. The audits that generated the biggest savings include investigations of the New York Yankees, the HIV/AIDS Services Administration, the Sheriff's child support enforcement program, and the Department of Finance. 2006-03-02

Budget Options for 2006
The Independent Budget office makes recommendations on how the city could cut costs (by identifying subsidies to reduce, services to charge for etc.) and raise more revenue (by adjusting taxes, raising fee and fines etc.) 2006-02-17

The New Yankee Stadium
Even though the Yankees will pay most construction costs for their new stadium, the project will cost taxpayers an additional tens of millions of dollars, according to a study by Good Jobs New York. In addition to the money the state and city will contribute for parking garages and to replace lost parkland, the deal with the team will cost the city and state substantial tax revenues. 2006-02-08

Mayor's Financial Plan
This series of slides, put out by the city's Office of Management and Budget, were what Mayor Michael Bloomberg used to present his preliminary budget for Fiscal Year 2007, which begins on July 1, 2006. For an overview of the proposed budget, go to Gotham Gazette's Issue of the Week 2006-02-06

5 Year Pocket Summary: City and State Finances
The Citizens Budget Commission has put together this quick look at New York's revenues and spending, year-by-year, item-by-item, over the past five years. Through a series of charts, it makes it easy to find out where the city and state are getting their money -- and how they're spending it. 2006-02-03

Early Intervention For Developmental Disabilities
The Statewide Early Intervention Program provides services to all families of children under the age of 3 with developmental disabilities. Although it is a federally mandated program, much of the spending comes from the city and state budgets. Spending for the program has grown rapidly in recent years, according to this report by the Independent Budget Office, driven not only by an increase in the number of participants but also by higher costs for the services provided. 2006-01-30

Spending On Education Since Mayoral Control
When the mayor took control of the city's public schools in September, 2003, he promised that more money in the education budget would be made available for instruction. This shift has not yet happened in any significant way, according to an analysis of the budget by the Educational Priorities Panel, a NYC education advocacy group, "Adding Up The Numbers: The Education Budget Under Mayoral Control." 2006-01-24

Lower-Priced Lead-Paint Law
In January, 2004, the City Council passed a law, over Mayor Michael Bloomberg's veto, that toughened lead paint regulations. Now, after one full year of the new rules, the law didn't cost taxpayers nearly as much as Bloomberg thought it would, according to a brief from the Independent Budget Office. The housing department paid $24.6 million in fiscal year 2005 on lead-based paint education, inspections and remediation, which was more than double the same spending in 2004 but far less than the Bloomberg administration feared. Violations and emergency repairs shot up, too. 2006-01-23

Budgets Of City Agencies
The Independent Budget Office of the City of New York takes a look at the budgets of 16 city agencies, including police, sanitation, the parks department, and the Administration for Children Services to the Department of Housing, Preservation and Development as a way to improve understanding of "the allocation of budgetary resources to city services by presenting agency budgets in a way that is more closely aligned with [their] actual programs, functions, and services..." 2006-01-20

Albany and Special Interests
New York’s political class spends, taxes, and borrows far more than the national average, says the Manhattan Institute in this report, which argues that "special interests" are damaging the state's economy and undermining New Yorkers' confidence in their government. 2006-01-13

9/11 Loan Boondoggle
Loans meant to aid businesses affected by the terrorist attacks of September 11th went to a South Dakota radio station, a Virgin Islands perfume shop, a Utah dog boutique and more than 100 Dunkin' Donuts and Subway sandwich shops in various locations, according to a report by the Inspector General of the Small Business Administration, the federal agency that administered the Supplementary Terrorist Activity Relief (STAR) program Meanwhile, small businesses near Ground Zero in New York couldn't get the assistance they desperately sought. 2005-12-29

Bank Branch Boom A Bust For The Poor
Over the last five years the 20 wealthiest neighborhoods in New York City have gained 55 more banks, while the poorest 20 neighborhoods gained only three, according to a report by Congressman Anthony Weiner. "In Brownsville, Brooklyn, which has a median income of just over $20,000 residents are served by only two banks, down from four in 1995." 2005-12-28

Fiscal Climate Improves, Bringing Challenges Ahead
The city's fiscal outlook is significantly brighter than it seemed a year ago, according to this report from the Independent Budget Office. Growing tax revenues and limited growth in city spending has led to a much smaller budget gap for next year than originally predicted. But a new fiscal environment may lead to new pressure for tax cuts and increased services, the report warns, presenting new budgetary challenges ahead. 2005-12-16

Will the City's Property Transfer Taxes Remain Flush?
Last Month's Revision by the Mayor of the city’s tax revenue estimates for the current fiscal year by nearly $2 billion was due in large part to the unexpected strength in two city taxes that are triggered by real estate sales and mortgages. These transfer taxes continue to defy expectations by IBO, the Mayor’s budget office, and other forecasters that they will fall from their current unprecedented levels. While IBO continues to project some declines in these tax sources, the adjustments may ultimately prove smaller than previously expected. 2005-12-14

Economic Notes, Third Quarter 2005
New York City economy grew for the eighth consecutive quarter in the third quarter of 2005, according to this report from the city comptroller's office. The city performed better in four of five economic indicators over the quarter -- gross city product, payroll jobs, growth in withheld personal income taxes, and the unemployment rate. Inflation, however, accelerated due to higher energy prices. 2005-12-02

Comptroller's Annual Financial Report
Comptroller William Thompson released his Comprehensive Annual Financial Report for Fiscal Year 2005, which shows that the city budget for the last fiscal year (which ended June 30) totaled $52.7 billion. Spending increased by 11 percent and revenue increased by 6 percent from the previous year. The city was able to balance its budget by using a surplus from Fiscal Year 2004 budget. "The city's heavy reliance on year-to-year surpluses to balance the budget is unsustainable over the long term, because surpluses can disappear quickly and without notice," Thompson warned in the report. 2005-11-03

Taxing and Spending
A week before Election Day, the Manhattan Institute issued two reports on city finances under Mayor Michael Bloomberg. One, “Pricing the Luxury Product” by E.J. McMahon, focuses on tax policies. It notes that the mayor raised taxes early in his term and that taxes in New York City continue to exceed those in surrounding areas and in other major cities. The other, “Mayor Bloomberg and The Limits of Pragmatism” by Nicole Gelinas, faults Bloomberg for not doing more to control spending on benefits for city workers, Medicaid and debt service. 2005-11-02

President's Tax Panel May Have Costly Plan for the City
In anticipation of next Tuesday's recommendations from the President's Advisory Panel on Federal Tax Reform, IBO has estimated the effects on New York City and its residents of two of the panel's most likely and frequently linked proposals: the elimination of the alternative minimum tax and ending the deduction of state and local taxes from federal taxes. Together, these changes would tend to shift the federal tax burden in New York City to its most affluent residents. But it would also lead to the city sending over $1 billion more in taxes to Washington than under current rules. 2005-10-31

Progress Report: The Mayor's Social Services Streamlining Plan
Mayor Michael Bloomberg proposed an overhaul of the delivery and funding of certain social services in April 2003. This report by the Independent Budget Office finds that some of the largest components of the plan had not been implemented by the end of 2004, and that only $16 million had been saved by measures originally included in the plan. 2005-10-28

Unemployment Up
New York City’s unemployment rate rose to a seven-month high in September, at 5.9 percent (seasonally unadjusted) compared with 5.1 in August, according to the latest figures from the New York State Labor Department. The jobless rate is up from the 17-year low of 5.1 percent in August but less than the 6.8 percent level of September 2004. 2005-10-21

City Faces New Development Grant Cuts
New York City depends on its federal Community Development Block Grant allocation to fund a range of housing, social service, economic development, and other programs. Since peaking in 2001, however, the total appropriations for these federal grants nationwide -— as well as the grant specifically for New York City -- have fallen markedly, according to this report by the Independent Budget Office. Although appropriations for federal fiscal year 2006 are still being debated, it seems likely that the grant amount will fall at least another six percent to nine percent -- with potentially significant impacts on city services that rely heavily on this funding. 2005-10-12

New York's Debt
In "New York's Endangered Future, Debt Beyond Our Means," the Citizens Budget Commission argues bluntly that "New York State has too much debt," which is putting it at a competitive disadvantage with other states. The report calls for "a new constitutional limit" on the amount of debt the state can assume, and argues that voters should reject "bond referendums such as the Transportation Bond Act of 1005 until debt is brought under control." 2005-10-11

Economic Notes, Second Quarter 2005
New York City's economy grew for the seventh straight quarter, after 11 quarters of decline, this report from the city's comptroller finds. For the first two quarters of this year, the city's economic growth has outpaced the nation's, fueled largely by a hot real estate market. There is a housing bubble in New York City, the report states, but if the market cools New York will not be as badly impacted as other cities with housing bubbles. 2005-09-21

Billion Dollar Plans
Policy proposals made by the four major Democratic candidates for mayor could add an average of $1.66 billion to the city budget, according to a report by the Manhattan Institute. The report found Representative Anthony Weiner’s proposals to be the most expensive at $2.2 billion, with C. Virginia Fields’ plans the least costly at $832 million. 2005-09-12

Benefit of Nets Basketball Arena
A new report by the Independent Budget Office finds that a proposed Nets basketball arena in downtown Brooklyn would be a small financial benefit to the city. The financial analysis predicts that the arena would generate $28.5 million over the next 30 years, less than $1 million a year more than it would cost the city. 2005-09-08

The Cost Of Teachers Quitting
More than 13,000 public school teachers in New York State are expected to quit their jobs, and it will cost the state more than $200 million to replace them, according to a nationwide study by the Alliance for Excellent Education. Only Texas and California will spend more. “Nearly 3,500 certified teachers quit the city school system this year, a number that the United Federation of Teachers claims is the highest in recent memory,”according to the New York Post. “According to the union, the reasons most cited by departing teachers are salary, safety and class size.” 2005-08-16

What Small Businesses Need For Success
Small business owners are so dissatisfied with the cost of doing business in the city that one in seven would relocate for a cost savings of less than 10 percent, according to a statistically representative survey of 400 small businesses in New York City (and 401 in Northern New Jersey) sponsored by the Citizens Budget Commission and the Federal Reserve Bank Of New York. “What Firms Value Most” found that small businesses broadly agreed on three factors that are the most important to their success – the cost of doing business, proximity to markets and clients, and access to a skilled labor market – and that they were relatively satisfied with the last two factors at their present location, but not the first one. The most frequently named destinations for businesses considering moving were Miami or Los Angeles. The survey also found that 40 percent of the small businesses in New York City “are routinely hampered by transportation congestion or delays.” 2005-08-02

A Balanced Budget -- For Now
The city's fiscal condition has improved greatly over the last several years, and the budget is reasonably balanced, according to this report by the city comptroller's office. But the city faces problems in the future and must "devise a sustainable plan over the long term to address the disparity between revenues and expenses," the report says. It recommends setting up a "Rainy Day Fund" that would direct a certain amount of surplus funds into an account that could only be used only in specificed circumstances. The entire report is available in .pdf format. 2005-07-29

Review Of NYC's Fiscal Year 2005 Budget By Financial Control Board
This report by the New York State Financial Control Board looks at the changes in New York City's fiscal year 2005 city budget, noting the unexpected surpluses, and urging the city to use some of it to create a "budget stabilization account...to address the large budget gaps expected in FY 2007 and beyond." 2005-07-09

Mishandling Legal Estates In Brooklyn
The same week that Brooklyn Surrogate’s Court Judge Michael Feinberg was removed from the bench, “a city report [as the Daily News put it] said the system the judge presided over was rife with sloppy bookkeeping.” The Office of City Comptroller William C. Thompson Jr.’s “Audit Report on the Estate Management Practices of the Kings County Public Administrator” found, among other things, that “the estate files are often disorganized collections of documentation” and that the office of the Kings County Public Administrator was “unable to demonstrate that the fees it charged estates for administrative expense…were appropriate.” For a commentary arguing for the elimination of Surrogate’s Court, see “A Court of Corruption” 2005-07-05

Budget Risks
New York City Comptroller William Thompson issued a report analyzing Mayor Bloomberg's Fiscal Year 2006 Executive Budget. The report cites $655 million of "risks" in the fiscal plan, including retroactive wage increases for teachers, firefighters and police and higher than estimated police overtime costs. The report also warns of relying on non-recurring actions to balance the budget. The city expects a $4.4 billion deficit in Fiscal Year 2007 and a $4.2 billion deficit in Fiscal Year 2008. 2005-06-09

Fiscal Prudence or Pinata Politics: New York City's Fiscal Year 2006
City Project, a self-described progressive policy organization that focuses on fiscal issues, offers an analysis of Mayor Michael Bloomberg's proposed budget, which it calls "replete with contradictions: on the one hand, a huge surplus, on the other, even larger looming deficits" and far less rosy than the headlines would suggest. The report's title is meant to indicate that the mayor's budget is full of election-year goodies, which will not recur in the future.

The same organization earlier released another report with a self-explanatory title: "State of Distress: How New York State's Property Tax Exemptions Are Starving New York City's Treasury." Property tax exemptions, the report says, cost the city $7.74 billion last year in lost tax revenues.

For State of Distress, click here

For Fiscal Prudence or Pinata Politics, click here 2005-05-24

Local Job Growth
The total number of payroll jobs in New York City rose 8,000 in April, according to a report from the City Comptroller. Job growth increased at a rate of 2.7 percent, faster than the U.S. growth rate of 2.5 percent. While the increase is a positive sign, the report notes that the total number of jobs available is still down from the past. New York City now has 179,800 fewer jobs than in December 2000, and has 102,000 fewer jobs than in September 2001. 2005-05-23

The Myth of the Uncontrollables
The Citizens Budget Commission challenges Mayor Michael Bloomberg's assertion that the city's major fiscal problems come from things over which it has no control. This report focuses on four so-called "non-discretionary" items in the New York City budget, showing how the city could reduce costs on pensions, health insurance, Medicaid, and debt services and save $2.5 billion by fiscal 2009. 2005-05-13

The Mayor
The NYC Office of Management and Budget, the fiscal agency for the mayor, offers a page with links to the mayor’s proposed $49.7 billion budget, including a budget summary, the mayor’s message, nine volumes of details, and the capital budget as well. 2005-05-09

Subsidies for Businesses
Good Jobs New York reports that a state program, originally intended to encourage businesses in depressed areas to hire needy individuals, is being used by major Manhattan businesses to hire highly paid employees. The program was allowed to go out of existence last year but will continue to provide benefits to some firms for another four years. Among those getting subsidies: Ernst & Young, Morgan Stanley, Lehman Brothers and various firms owned by former Mayor Rudolph Giuliani. 2005-04-20

The Comptroller's Comments On The Preliminary Budget for Fiscal Year 2006 and the Financial Plan 2006-2009
The City Comptroller released his budget office’s March comment on the mayor’s preliminary budget and financial plan for FY 2006-2009 2005-04-05

Budgetary Pressures From Fast Growing Expenses
The NY State Financial Control Board has released its latest staff report on the city’s current and preliminary budget for FY 2006: 2005-04-04

Mayor's Preliminary Budget
A new report from the Independent Budget Office finds that the city's surplus has grown to $2.5 billion - $500 million more than Mayor Michael Bloomberg forecast in January. The report also includes an agency-by-agency review of changes in spending and analyses potential revenue, costs, or savings from the mayor’s proposed budget initiatives. 2005-03-24

Unemployment Statistics
The comptroller published monthly unemployment statistics for January, showing the unemployment rate at 5.9 percent, its lowest level since July 2001. The city also added 13,800 jobs, which was the largest increase in total jobs since the city added 29,100 jobs in September 2000. 2005-03-11

Quarterly Cash Report
The City Comptroller's office finds that New York City has more cash on hand last quarter than it did for the corresponding period last year. This was also the first quarter since the fiscal crisis of the 1970s that the city did not have to borrow short term notes to finance seasonal spending. 2005-02-28

Budget Options for New York City
This report by the Independent Budget Office offers more than 70 ways to help balance the municipal budget. The agency does not endorse the ideas, it only posses possible ways to save money or raise revenues. Ideas include charging households for the amount of garbage they dispose (raise $276 million), increasing municipal work week from 35 to 40 hours (save $80 million), eliminating 20 minutes of "wash up" time for police officers (save $70 million), eliminating tax subsidy to Madison Square Garden (save $12 million), and charging fare on Staten Island Ferry (raise $4 million). 2005-02-22

Preliminary Mayor's Management Report for Fiscal Year 2005
The Preliminary Mayor's Management Report for Fiscal Year 2005, according to City Hall, "provides an early update of how the City is performing four months into the fiscal year," offering "performance highlights and statistics for agencies, as well as data on inquiries received by the 311 Citizen Service Center." Also, Search by agency 2005-02-15

The Long-Term Costs and Benefits of the New York Sports and Convention Center
The study - released by the Independent Budget Office, a publicly funded nonpartisan watchdog group - concluded the stadium would generate $92.5 million in net revenue for the city, $98.1 million for the state and $19.4 million for the Metropolitan Transportation Authority over the 31 years it takes to finance the project. The IBO's revenue estimates are considerably lower than estimates of more than $1 billion in profits projected by both the city and the Jets. 2005-02-11

Fiscal Risks In The Mayor's Budget
City Project analyzes the mayor's preliminary budget for Fiscal Year 2006, emphasizing the fiscal risks the mayor mentioned, but de-emphasized, as well as a couple he left out: " 1) increased city education costs arising from the final resolution of the Campaign for Fiscal Equity lawsuit; 2) the need to bail out the Metropolitan Transit Authority's long-term capital plan; and 3) new labor contracts with city teachers and the major uniformed services unions that rise above the settlement level reached with District Council 37 last year. .4) court settlements from the Staten Island Ferry crash and from Republican convention-related wrongful arrest and detention lawsuits, which only the notoriously slow pace of civil litigation justifies not including now as potential budget busters." 2005-02-08

Space Available: The Realities of Convention Centers as Economic Development Strategy
A report of The Brookings Institution observes that dozens of American cities are engaged in "a type of arms race with competing cities" over convention business, with billions spent to build convention halls, even though the convention industry is contracting, attendance is falling and "a recovery or turnaround is unlikely to yield much increased business for any given community, contrary to repeated industry projections." (Recently, as the NY Times notes, the New York State Legislature approved a $1.4 billion plan to add 575,000 square feet of meeting and exhibit space to the Jacob K. Javits Convention Center.) 2005-01-18

What Every Consumer Should Know About Credit Cards
This City Council report compares credit card companies operating in New York, identifying which offer the best and worst services to customers. Because New Yorkers are taking on significantly greater debt than they did in the past, the difference between a good value on a credit card and a poor one can make an enormous difference, the report states. It also calls for the city to make it easier for customers to compare credit cards by setting up a Web site. 2005-01-07

Gross City Product
Economic Notes report. "New York City 's Gross City Product (GCP) - a measure of the overall inflation-adjusted production of goods and services in New York City - rose at an annualized rate of 3.4 percent in the third quarter," according to Comptroller William Thompson's office. "This growth rate is higher than the 2.9 percent rate in the second quarter, as the City's economy grew for the fourth consecutive quarter." The estimate of real (inflation-adjusted) growth is in the Comptroller's publication, "Economic Notes," a report that identifies trends and changes in the city's economy. 2004-12-31

New York Is A Costly Place To Do Business
New York is a costly place to do business, according to "Just The Facts: Key Social and Economic Indicators For New York State," by Public Policy Institute of New York State. The state's overall business costs are America's ninth highest. It ranks first in the "local tax index" and 10th in "the energy index" though 28th in "labor tax index," 2004-12-29

Unemployment Rate Falls To 5.4 Percent
The unemployment rate in New York City fell to 5.4 percent in November, the lowest rate since July 2001. It also marks the first time in 16 years that the jobless rate in New York City has been as low – or lower – than the unemployment figures for the country as a whole, according to figures released by City Comptroller William Thompson. 2004-12-22

City Deficit Shrinks
A report from the Independent Budget Office estimates the city will end the current fiscal year with a $1 billion surplus and next year's budget gap is now $2.2 billion, $700 million less than the mayor's estimate in October. But the resolution of the Campaign for Fiscal Equity case and labor negotiations with teachers, police, and other unions could add significant costs to the city budget as soon as this year. 2004-12-16