A new report out today by State Comptroller Tom DiNapoli warned that although the fiscal condition of New York City is improving, the city should cease relying on one-shot budget fixes to balance its books.
“Next year’s budget will be balanced, but there are still significant out-year budget gaps to be closed and risks to be managed,” Mr. DiNapoli said. “The city has relied heavily on reserves and other one-shot sources of revenue, leaving fewer reserves to cushion the impact of potential budget risks.”
Those risks include the pace of the national economic recovery, further layoffs on Wall Street, new budget agreements with the city’s labor unions, and Mr. DiNapoli notes, when the city can expect proceeds from the sale of taxi medallions. Read More