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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[ Publishers Weekly | 2023-12-08 05:00:00 UTC ]
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'Freelance Isn't Free' Becomes Law in New York State

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[ Publishers Weekly | 2023-11-22 05:00:00 UTC ]
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HarperCollins Posts Big Gains in Q1 of Fiscal 2024

Revenue in the quarter ended September 30, 2023, rose 8% over fiscal 2023 at HarperCollins, and profits jumped 67%. Executives at parent company News Corp expect the publisher to show marked improvement over last year. Continue reading at Publishers Weekly

[ Publishers Weekly | 2023-11-10 05:00:00 UTC ]
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Why New York’s political world is gathering in Puerto Rico this week

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[ Crains New York | 2023-11-06 20:42:43 UTC ]
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How New York Comic Con Brings the Brands to the Fans

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[ AdWeek | 2023-10-20 08:00:00 UTC ]
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[ Publishers Weekly | 2023-10-18 04:00:00 UTC ]
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New York Comic Con 2023: Manga, Graphic Novels Keep Comics Biz Kicking

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[ Publishers Weekly | 2023-10-18 04:00:00 UTC ]
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[ Fast Company | 2023-10-02 05:00:00 UTC ]
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How Iowa City, Hub of Literature, Became a Landmark for Cinephiles

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[ Literrary Hub | 2023-09-29 08:25:20 UTC ]
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[ Interesting Literature | 2023-09-17 14:00:52 UTC ]
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[ Publishers Weekly | 2023-09-15 04:00:00 UTC ]
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The quintessential California bookseller behind City Lights gets his moment

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[ Los Angeles Times | 2023-09-06 14:00:49 UTC ]
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Growing Up in a Chinese Restaurant in Atlantic City

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[ Electric Literature | 2023-08-31 11:00:00 UTC ]
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[ Publishing Perspectives | 2023-08-28 18:36:15 UTC ]
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[ The Guardian | 2023-08-25 15:00:14 UTC ]
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[ Literrary Hub | 2023-08-22 14:51:06 UTC ]
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[ Publishers Weekly | 2023-08-11 04:00:00 UTC ]
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[ Publishers Weekly | 2023-08-08 04:00:00 UTC ]
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[ The Guardian | 2023-07-18 15:13:43 UTC ]
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