De Blasio’s Budget
Mayor de Blasio’s proposed new budget continues his pattern of profligate spending. New York City will again spend more than it did last year, with the increases driven by initiatives on homelessness and education. “Budgeting” usually means making hard choices, but with revenues flowing in, de Blasio has not been required to make those tough decisions — and as a result, he is doing little to prepare the city for leaner times, when they come.
The Facts You Need to Know
Revenues: Tax receipts have added an unexpected $1.1 billion to the city’s coffers since February, and the mayor’s budget coincidentally adds exactly that amount in new spending. Read more.
Faster: Proposed spending is increasing at twice the rate of inflation. Read more.
Double: Spending on homeless services has doubled under de Blasio, but the problem is worse than ever. Read more.
“Agency expenses and headcount continue to grow, adding to current expenses but also long-term liabilities. There were no proposals to increase reserves or give back some of these surpluses to taxpayers.”
1. NYC's $89 billion budget is larger than any state budget except for CA, NYS and TX.— E.J. McMahon (@EjmEj) April 27, 2018
The Past is Present
“The budget isn’t balanced, the streets aren’t paved with gold, or much else, but New York City’s best years could be just around the corner.”
And in other news...
“In 2015, Uber used its financial might, political know-how and popularity to defeat a New York City effort to stymie its growth. Now, New York City is poised to try again.”