Comments on New York City’s Preliminary Budget for Fiscal ...
Office of the New York City Comptroller
Scott M. Stringer
Bureau of Fiscal and Budget Studies ptroller. (212) 669-2507
Comments on New York City's Preliminary Budget for Fiscal Year 2016 and Financial Plan for Fiscal Years 2015-2019
March 4, 2015
SCOTT M. STRINGER
Comptroller
Deputy Comptroller for Budget Tim Mulligan
Assistant Director for Budget Suri Grussgott
Bureau Chief Eng-Kai Tan
Chief Economist Frank Braconi
Project Coordinator Manny Kwan
Principal Economist Farid Heydarpour
Staff Kettly Bastien Amitabha Basu Rosa Charles Stephen Corson Peter E. Flynn Michele Griffin Michael Hecht Dahong Huang
Robyn Liverpool Irina Livshits Andrew McWilliam Marcia Murphy Jane Pyon Andrew Rosenthal Orlando Vasquez
TABLE OF CONTENTS
I. EXECUTIVE SUMMARY ........................................................................................................v
II. THE STATE OF THE CITY'S ECONOMY...........................................................................5
A. U.S. ECONOMIC OUTLOOK ............................................................................................... 5
B. NEW YORK CITY'S ECONOMIC CONDITION AND OUTLOOK................................... 7
III. THE FY2016 PRELIMINARY BUDGET............................................................................11 The FY 2015 Budget ............................................................................................................. 13 Risks and Offsets ................................................................................................................... 14
A. REVENUE ASSUMPTIONS....................................................................................................... 15 Tax Revenues ........................................................................................................................ 16 Miscellaneous Revenues ....................................................................................................... 19 Federal and State Aid ........................................................................................................... 21
B. EXPENDITURES ANALYSIS .................................................................................................... 22 Labor .................................................................................................................................... 23 Pensions................................................................................................................................ 24 Headcount............................................................................................................................. 27 Overtime ............................................................................................................................... 30 Health Insurance .................................................................................................................. 32 Public Assistance .................................................................................................................. 33 Department of Education...................................................................................................... 34 Debt Service.......................................................................................................................... 35 Capital Commitment Plan .................................................................................................... 38 Preliminary Ten-Year Capital Strategy ................................................................................ 41
IV. APPENDIX.............................................................................................................................47
GLOSSARY OF ACRONYMS....................................................................................................53
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