Wednesday, February 19, 2014

COMPTROLLER SCOTT M. STRINGER ANALYZES NEW YORK CITY'S PRELIMINARY FISCAL YEAR 2015 BUDGET


  New York City Comptroller Scott M. Stringer presented his office’s analysis of New York City’s Preliminary Fiscal Year 2015 budget in the context of the local and national economies at the Municipal Building in Lower Manhattan. 

“We are at a moment of great transition in our City,” Stringer said.  “Mayor de Blasio’s Preliminary Fiscal Year 2015 Budget strikes a prudent balance between funding vital programs while putting aside money for future needs. However, we still face some big unknowns that must be resolved between now and the end of the fiscal year on June 30th.”
As the City’s Chief Fiscal Officer, the Comptroller has a charter-mandated duty to comment on the financial condition of New York.  Today’s analysis focused on the economic and fiscal trends affecting the City such as weak wage growth, bright spots in the local economy – including the city’s burgeoning tech sector – and the importance of resolving more than 150 expired labor contracts.
“Negotiating contracts with the City’s workforce is a complex and daunting task, but it is critical that we resolve these contracts if we are going to achieve real balance,” Stringer said. “We have always faced budget challenges in this city and we have overcome those challenges by working together.  I am confident that we will find ways to keep the City growing, ensure workers are compensated fairly and maintain New York’s status as the greatest city in the world.”
Stringer noted that unlike most years, the budget was balanced for FY 2015 prior to the release of the Preliminary Budget, which allowed Mayor de Blasio to prudently set aside new revenue – $1 billion into the Retiree Health Benefits Trust Fund, and $300 million to the general reserve.  The budget also provides for important new policy initiatives, including a municipal ID system, relieving NYCHA of the burden of paying for its own police protection and capping rental costs for those with HIV/AIDS who live in city-supported housing.
Stringer presented ten strategies for discussion that could potentially generate revenue or create the savings needed to support our budgetary needs:
1.    Restoring revenue sharing to New York City
2.    Collecting education funds due to the City under the Campaign for Fiscal Equity
3.    Drawing down federal Medicaid funds for special education services
4.    Claiming New York City’s share of the $8 billion federal Medicaid waiver
5.    Producing agency savings from efficiencies that don’t reduce services or hurt vulnerable populations
6.    Achieving savings through productivity and benefit reforms including health care costs
7.    Reforming tax expenditures
8.    Generating additional savings in FY15 debt service through aggressive refinancing
9.    Recognizing FY14 resources from prior year payables that are not needed
10.  Realizing savings from ending the budget dance and member item reform.


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