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NYC budget books to balance

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In the last 20 years, New York City has had to recover from a terrorist attack, a recession fueled by a stock market collapse, a superstorm and now a global pandemic. Looking forward, the only certainty is that the city will face uncertainty in the months and years to come.

Predicting the city’s fiscal future is problematic. We still don’t know the shape of the economic recovery and what it holds for the city’s quality of life, economic competitiveness and real estate markets over the long term. Other economic concerns surround the stock market’s resilience amid questions over lingering inflation. COVID-19 variants still plague the globe and vaccination rates have slowed, risking a resurgence of the virus. Our climate is changing, wreaking havoc on our infrastructure and way of life. These are only a few of the potential challenges we know.

City leaders can hope for the best but must prepare for the worst. A year ago, the city took emergency steps to cut costs and maintain cash levels so it could deliver basic services, leveraging nearly $4 billion in reserves to maintain budget balance at the beginning of Fiscal Year 2021. The city even reasoned that it might need to borrow to maintain basic services, a fiscal last resort and a contributor........

© NY Daily News

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