March 10, 2016. In his briefing of NYC Mayor Bill deBlasio’s FY 2017 Preliminary budget, FPI’s James Parrott highlights the following:
- Strong economic and tax growth used to further a different set of budget and policy priorities than predecessors: reinvesting in human services; committing new resources to address housing and homelessness; continuing and different investments in public safety; and changing employment and wage policies to aid workers.
- Cautious budgeting in the face of economic uncertainty: Outyear gaps have been reduced; City has a significant budget reserve cushion; new focus on budget savings and greater efficiencies promised in Executive Budget.
- Budget and tax cap proposals from Albany pose new risks for NYC: These risks have risen to a new level that departs from a 40-year history of City-State financial partnership.
- Still to be addressed: The City hasn’t yet focused on reforming local taxes to make them less regressive, especially residential property taxes.
Share on Social Media!
March 10, 2016. In his briefing of NYC Mayor Bill deBlasio’s FY 2017 Preliminary budget, FPI’s James Parrott highlights the following:
- Strong economic and tax growth used to further a different set of budget and policy priorities than predecessors: reinvesting in human services; committing new resources to address housing and homelessness; continuing and different investments in public safety; and changing employment and wage policies to aid workers.
- Cautious budgeting in the face of economic uncertainty: Outyear gaps have been reduced; City has a significant budget reserve cushion; new focus on budget savings and greater efficiencies promised in Executive Budget.
- Budget and tax cap proposals from Albany pose new risks for NYC: These risks have risen to a new level that departs from a 40-year history of City-State financial partnership.
- Still to be addressed: The City hasn’t yet focused on reforming local taxes to make them less regressive, especially residential property taxes.