1 / 12

The Most Important Economic And Fiscal Decisions Facing The Next Mayor

The Most Important Economic And Fiscal Decisions Facing The Next Mayor. A Citizens Budget Commission Conference December 6, 2013. New York City Budget Briefing. The Most Important Economic and Fiscal Decisions Facing the Next Mayor A Citizens Budget Commission Conference December 6, 2013.

xenos
Download Presentation

The Most Important Economic And Fiscal Decisions Facing The Next Mayor

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Most Important Economic And Fiscal Decisions Facing The Next Mayor A Citizens Budget Commission ConferenceDecember 6, 2013

  2. New York CityBudget Briefing The Most Important Economic and Fiscal Decisions Facing the Next Mayor A Citizens Budget Commission ConferenceDecember 6, 2013

  3. Composition of NYC RevenuesFiscal Year 2014 $76.5 Billion

  4. Composition of NYC ExpendituresFiscal Year 2014 $76.5 Billion

  5. Economic and Revenue Growth is Projected to be Slower than in Pre-Recession Years

  6. Expenditure Growth Driven byDebt Service and Fringe Benefits DEBT SERVICE • Largest annual growth: 8.3% • $1.6 billion increase FRINGE BENEFITS (w/o pensions) • Steady annual growth of 5.8% • $1.6 billion increase • Rising health premiums TOTAL BUDGET: 1.5% annual growth

  7. Growing Debt Service Driven By Capital Spending

  8. Debt Burden Is HighAccording to Metrics Used by Rating Agencies Debt Outstanding, FY2013 Debt Service, FY2013 Note: Does not include debt of the New York City Municipal Water Finance Authority.

  9. High Health Insurance Spending Due to Generous Premium-Sharing Policies • Employee Health Insurance • Over 90% enrolled in 2 plans: GHI & HIP • City pays 100% of the premium cost for GHI & HIP for employees, spouses and families • Retiree Health Insurance • 10 years to vest; begins upon retirement w/o regard to age • City pays 100% of the premium cost for retirees and dependents • City reimburses the full cost of Medicare Part B for retirees over age 65 and their spouses • CBC report finds NYC premium-sharing policies are generous relative to other US cities, New York State, the federal government and private sector

  10. FY2015 Budget is Balanced with Transitory Resources

  11. Future Budget Gaps Appear Manageable;Greatest Risk from Expired Labor Contracts

  12. HHC and NYCHA Will Also Impact City Budget Health and Hospitals Corp. NYC Housing Authority Gap-closing initiatives face community opposition Estimated operating deficit of $192 million in FY14 City allocated $71 million to keep senior and community centers open NYCHA must fill remaining $121 million gap • HHC projects large gaps in FY2014 and beyond • Cost containment measures have yet to be identified • Counting on additional $500 million in Medicaid and Medicare starting in FY2014 Source: Office of the State Comptroller

More Related