City Budget

Breaking Down the Fiscal Impact of City Aid to Migrants

September 12, 2023 Key Findings: In August 2023, the City updated its cost estimates for providing shelter and support to asylum seekers, adding $2.33 billion in expected City costs in the current fiscal year (FY24) and $4.1 billion in the next fiscal year (FY25). The 15% PEG announced in September 2023 would result in a $9.6 billion cut in the current fiscal year (FY24) and a $9.7 billion cut in the next fiscal year (FY25). Statement from Fiscal Policy Institute Executive Director Nathan Gusdorf: [...]

Monica Klein2023-09-12T07:58:56-04:00September 12th, 2023|City Budget, Featured on Home|

Low Expectations: Understanding the NYC Budget Gap

The Fiscal Policy Institute today released a new report, "Low Expectations: Understanding the NYC Budget Gap." Through an analysis of the past ten years of New York City outyear budget gaps, the report illustrates how the City uses conservative budget forecasting to protect against economic downturns, and outlines why lawmakers should not misinterpret outyear budget gaps as large impending deficits.

Anthony Troia2023-09-06T13:48:56-04:00May 23rd, 2023|City Budget, Featured on Home, Tax Policy|

The Cost of New Property Tax Breaks for Local Government

Tackling New York State’s housing crisis is a central priority of the fiscal year 2024 executive budget. The budget proposes a suite of policy responses designed to create 800,000 new housing units, especially in the New York metropolitan area. Many of these measures, including required changes to local land use policy, are appropriately ambitious, given the urgency of the state’s housing shortfall.

Anthony Troia2023-09-08T10:19:00-04:00March 29th, 2023|City Budget, State Budget, Tax Policy|

FPI Testifies to NYS Senate on Fines and Fees

FPI's Chief Economist, Jonas Shaende, was invited to testify before the New York State Senate Standing Committee on Codes and the New York State Senate Standing Committee on Crime Victims, Crime, and Corrections. Dr. Shaende spoke in support of the proposed S.3979C (Salazar)/A.2348B (Niou), the End Predatory Court Fees Act. Testimony: Full Text

Jonas Shaende2021-10-29T14:49:28-04:00October 29th, 2021|Blog, City Budget, Testimony|

Local Governments Across New York State Must Re‐examine Fine and Fee Revenue

Many local governments across New York State ‐ particularly small town and village governments ‐ rely on fine and fee revenue as part of their annual budget, with more than 30 towns and villages having a reliance of ten percent or greater on this type of revenue. Much of it is generated through Justice Courts which have jurisdiction over vehicle and traffic violations, evictions, small claims, and certain criminal offenses. Click here to read the full report: Local Governments Across New York State Must Re‐examine [...]

Jonas Shaende2021-08-31T21:11:42-04:00August 31st, 2021|City Budget, Fact Sheets|

Fact Sheet: State and Local Government Employment Has Been Largely Static, With Full-Time Jobs Eliminated in Critical Areas

Full-time employment in state government jobs grew by only 1 percent in New York State between 2010-2019, with the number of those employed totaling just over 236,000 in 2019. At the same time, local government employment decreased by 1 percent for full-time employees, with the number of employed totaling just over 882,000 in 2019, down from 893,000 in 2010. Full-time employment losses in both state and local government affected the areas of health, natural resources, and social and public welfare. Employment losses in health and [...]

Anthony Troia2021-03-26T16:27:58-04:00March 26th, 2021|City Budget, Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Policy & Research, Social Policy, State Budget, Tax Policy|

The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund

Read the full report: The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund The American Rescue Plan Act of 2021 includes $350 billion in aid for states, territories, and tribal governments for the purpose of alleviating the fiscal stress caused by the COVID-19 pandemic. Of the $350 billion, $195.3 billion is allocated for payments to states, $130.2 billion for city and county governments, $20 billion for tribal governments, and $4.5 billion for territories. These coronavirus fiscal recovery funds [...]

Anthony Troia2021-04-08T16:09:19-04:00March 12th, 2021|City Budget, Labor Market & Workforce, Must Read, Policy & Research, Reports, Briefs and Presentations, State Budget|

Heights of Privilege

June 2, 2016. The following article by James Parrott appeared in the Spring 2016 issue of The American Prospect magazine. If you want to learn about the latest manifestations of inequality in urban America, read the real-estate sections of newspapers and magazines and check out the photo spreads on luxury condos in new residential skyscrapers. The palatial size, lavish finishes, and breathtaking price tags of these properties are advertisements of our new Gilded Age. In the area immediately south of Central Park in Manhattan now known as [...]

Anthony Troia2020-11-13T14:27:55-05:00June 2nd, 2016|City Budget, Economic Trends & Policy, Labor Market & Workforce, Letters, Tax & Budget, Tax Policy|

New York State Economic and Fiscal Outlook FY 2017

February 3, 2016. In its 26th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2017 Executive Budget. The Executive Budget advances some bold and progressive proposals that well reflect the values and needs of New Yorkers. In particular, the governor has shown great leadership and vision in forcefully advocating for a first-in-the nation statewide $15 minimum wage. If enacted, the minimum wage increase would lift the incomes of 3.2 million New Yorkers who desperately [...]

Anthony Troia2020-11-13T15:08:13-05:00February 3rd, 2016|City Budget, Economic Outlook, Economic Trends & Policy, Education, Healthcare, Labor Market & Workforce, Reports, Briefs and Presentations, Social Policy, State Budget, Tax Policy|

Testimony at the Joint Legislative Public Hearing on the FY 2017 Executive Budget – Taxes

February 2, 2016. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s FY 2017 Proposed Budget and Financial Plan. Income inequality has increased in New York during the recovery with income for the 1 percent growing faster than the average income for everyone else. New York’s combined state and local tax structure is regressive and several rounds of substantial multi-year tax cuts in the past three years have done nothing, on net, to make the tax [...]

Anthony Troia2016-12-19T10:21:55-05:00February 2nd, 2016|City Budget, State Budget, Tax & Budget, Tax Policy, Testimony|

Addressing the Unintended Consequences of the Property Tax Cap

June 10, 2015. In 2011 New York established a property tax cap for school districts, counties and municipalities. New York should proceed cautiously before making the cap permanent in order to gather more information on the impact of the cap. Increasing state funding of services like education, healthcare or providing targeted property tax relief such as a circuit breaker credit would be more effective and efficient ways to address high property taxes. But short of eliminating the cap, here are some ways to mitigate some [...]

Anthony Troia2015-06-10T10:49:31-04:00June 10th, 2015|City Budget, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|

Summary of Selected Tax Provisions in 2015-2016 State Budget

April 14, 2015. The Final FY 2015-16 budget is more notable for the tax proposals that were left out than for what is included. In the FY 2015-16 Executive Budget, the governor proposed three major tax changes: a new property tax circuit breaker for low- and middle-income homeowners and renters, an education tax credit, and a modest reduction in taxes on small corporations. None of these changes were included in the final budget, however, property tax relief and the education tax credit are expected to [...]

Anthony Troia2020-10-27T13:09:40-04:00April 14th, 2015|City Budget, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|

Comparison of the Executive, Assembly, and Senate Property Tax Relief Proposals FY 2015-2016

March 23, 2015. The governor’s Executive Budget proposal includes a significant new property “circuit breaker” that would provide relief to households (both owners and renters) whose property taxes are unreasonably high relative to their income. Circuit breakers address a serious shortcoming of the property tax—that payments are not linked to the taxpayer’s ability to pay. The State Assembly’s proposed budget also included the circuit breaker with an important modification—removing the link to the property tax cap. The Senate, in contrast, replaced the circuit breaker with [...]

Anthony Troia2015-03-24T11:11:19-04:00March 23rd, 2015|City Budget, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|

Policy Brief: Property Tax Relief (Circuit Breaker)

March 5, 2015. The property tax relief plan (circuit breaker) proposed by the governor would help low- and middle-income New Yorkers that are struggling to pay their taxes and should be adopted with a few changes that would make it even more effective. The governor’s Executive Budget proposal includes a significant new property tax “circuit breaker” that would provide relief to households whose property taxes are unreasonably high relative to their income. Currently, 33 states and the District of Columbia provide some type of property [...]

Anthony Troia2015-03-06T09:28:56-05:00March 5th, 2015|City Budget, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|