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Debt & Equity

Stringer says city should bank tax glut

A one-time infusion of income tax revenues in FY 2018 helped the City balance the $89.16 billion Adopted Budget for Fiscal Year 2019, according to a report released by New York City Comptroller Scott M. Stringer.

The Comptroller’s report reiterates a need for long-term attention to the City’s out-year gaps and to align spending and revenue growth.

Stringer has renewed his call for a four-year City savings plan and for agencies to contribute more to efficiencies.

“I congratulate the Mayor and City Council on a balanced FY 2019 budget that funds many important priorities for our City, from raising the bar on education to relieving the burden of transportation costs for low-income New Yorkers,” said New York City Comptroller Scott M. Stringer.

“Our City’s economy is strong, but we have many needs that make it more urgent than ever to prepare for the future. There is no question – bringing spending into line with revenue growth and bolstering reserves is necessary for enshrining our progressive values and policies for the next generation.

“From preserving our affordable housing stock to improving our mass transit infrastructure, our City is facing looming challenges that will require long-term investment. That’s why, just as we have a four-year financial plan, we must have a four-years saving plan. It’s one tool for ensuring the strong financial footing of our City for years to come.”

The City’s adopted budget is flat over last year, down by 0.5 percent. Accounting for prepayments and reserves, spending for FY 2019 will increase $2.9 billion, or 3.2 percent, from last year’s spending levels, to $92.36 billion;

Expenditures are projected to grow an average 1.7 percent, driven by spending on salaries, debt service, health insurance, and other benefits.

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