Mar 23, 2012

New York City's Improving Economy

The City’s Improving Economy

Tax revenues continue to rebound as the city’s economy continues a gradual recovery. New York City has regained 65 percent of the private sector jobs lost during the recession, while the rest of the country has only gained back 36 percent.

The city now is expected to recover all jobs lost during the recession by the end of 2013, one year sooner than the rest of the country.

Mayor Bloomberg presented a Fiscal Year (FY) 2013 Preliminary Budget and an updated four-year financial plan. The Mayor outlined a plan that achieves a balanced budget – closing a $2 billion budget gap without tax increases, no layoffs of teachers or uniformed workers and no walking away from NYC's long-term investments which was made possible by the City’s years of prudent planning and spending restraint.

The Preliminary Budget reduces year-over-year controllable City expenditures, but expenses that are not fully controlled by the City – primarily pensions – continue to rise and continue to make less funding available for City services. The Preliminary Budget relies on $6 billion in savings for FY 2013 generated though eleven rounds of deficit closing actions taken by City agencies since 2007.

Last week New York passed a sweeping pension reform package. The plan that will save state and local governments more than $80 billion over the next 30 years.  New York City taxpayer savings will account for $21 billion of this savings.

With this historic agreement, not a single current government worker or retiree will be affected and future city employees will receive pensions that taxpayers can afford

View New York City's Financial Plan Fiscal 2012/2013


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