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 ]

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Health care spending grows in Adams’ $112B executive budget

Mayor Eric Adams’ nearly $112 billion executive budget, released Wednesday, includes more than $5 billion for health care initiatives, a figure that has grown by $172 million since his January preliminary budget.The revised plan avoids new spending cuts for city agencies and paints a rosier... Continue reading at Crains New York

[ Crains New York | 2024-04-25 09:33:07 UTC ]
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Adams' $112B budget takes sunny view but rebuffs council push for more money

Mayor Eric Adams announced a revised $111.6 billion budget plan on Wednesday that avoids new spending cuts and increases estimates of the city’s tax haul, reflecting his administration’s increasingly sunny view of New York’s finances. But the proposal rebuffs the City Council’s request to undo... Continue reading at Crains New York

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The Most Beautiful Libraries in the World

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It took 20 years for Children of the Sun to become an overnight success

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This trans author toured red-state libraries. What she found might surprise you

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The bootleg Nintendo Network replacement no longer requires jailbreaking

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Council seeks to add billions to mayor's budget thanks to rosier forecast

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