March 11, 2014. In his review of NYC Mayor Bill deBlasio’s first budget, FPI’s James Parrott notes the new mayor’s progressive change in direction compared to prior City budgets. Not surprisingly, the major new initiative included in the Preliminary FY 2015 budget is full funding for the UPK/afterschool proposal scheduled for launch in the fall of 2014.
The briefing summarizes trends in state and federal aid, and analyzes projections for tax revenue growth. Parrott describes the municipal labor contract situation as a challenge but not a crisis. Four areas are outlined that warrant attention in a progressive City budget:
- Raising wages for the low-wage service contract workforce
- Tax equity
- A City anti-poverty agenda
- Re-evaluation of $3 billion in City business tax breaks and developing a Unified Development Budget
The briefing provides an updated overview of NYC’s job picture, and unemployment, poverty and income trends. Also presented are FPI’s latest estimates on the city’s income polarization and tax burden.