New York City's fiscal crisis that never was

Ten months ago, Mayor Eric Adams warned of the need for “painful” cuts to the city’s budget, affecting everything from early education to trash pickup. He spoke of a looming fiscal crisis spurred by the cost of caring for tens of thousands of migrants flooding the city from the Texas border. Turns out, those fears were dramatically overstated. Spending on migrants leveled off after the city began limiting their stays, and an economic recession that was poised to curb tax revenues never materialized. On Sunday, the City Council finalized a $112 billion budget for the fiscal year that started Monday that restores hundreds of millions of dollars in cuts that Adams once said were necessary to help address a $7 billion deficit that’s since been wiped away.It marks a fourth year that the city’s official revenue projections were markedly underestimated. It also comes after months of contention between officials over a disruptive round of cuts already implemented in November. The New York Public Library, which suspended its Sunday service, pleaded for donations to help offset the loss in funding, while some museums and cultural institutions that rely in part on the city struggled to maintain staff and programming.“The smaller organizations, some of them were just devastated,” said Lucy Sexton, the executive director of New Yorkers for Arts and Culture. She cited Kyoung’s Pacific Beat, a small theater reliant on public funding, which dissolved itself earlier this year. “Many got... Continue reading at 'Crains New York'

[ Crains New York | 2024-07-02 19:33:04 UTC ]
News tagged with: #unionized workers #stable delivery #fiscal mismanagement #critical element #balanced budgets #typically advocates #democratic primary #zellnor myrie #end service #bring back #cognitive issues #froze hiring #7% reduction #small piece #libraries #public libraries

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[ Publishing Perspectives | 2017-10-05 00:00:00 UTC ]
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NORLA Takes Norwegian Literature to New York City

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[ Publishing Perspectives | 2017-10-02 00:00:00 UTC ]
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Weekend at the Trade Show: BookCon Busies Up the BookExpo Floor in New York City

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[ Publishing Perspectives | 2017-06-04 00:00:00 UTC ]
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BookExpo 2017: The Little Press on the Prairie Returns to New York City

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[ Publishers Weekly | 2017-06-02 00:00:00 UTC ]
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Amazon Books Opens in New York City

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[ Publishers Weekly | 2017-05-24 00:00:00 UTC ]
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Jimmy Breslin, legendary New York City columnist, dies at 88

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[ Los Angeles Times | 2017-03-19 00:00:00 UTC ]
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Leading true-crime channel to bring thousands to New York City for fan convention

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[ Crains New York | 2016-06-06 00:00:00 UTC ]
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New York City Indie Bluestockings Nears Funding Goal

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[ Publishers Weekly | 2015-10-29 00:00:00 UTC ]
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BEA 2015: Silvera Discloses Favorite New York City Bookish Haunts

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[ Publishers Weekly | 2015-05-27 00:00:00 UTC ]
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BEA: 2015 Lonely Planet’s BEA Guide to New York City

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[ Publishers Weekly | 2015-05-27 00:00:00 UTC ]
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St. Patrick's Day: New York City residents can get a free book by an Irish writer

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[ The Christian Science Monitor | 2015-03-13 00:00:00 UTC ]
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Neil Gaiman, Daniel Handler team up to distribute books in New York City

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[ The Christian Science Monitor | 2014-11-21 00:00:00 UTC ]
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New York City Has An Internet Inequality Problem

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David Morrissey to star in BBC2 adaptation of Miéville's The City & The City

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