By Ana Champeny, includes “The City budget for fiscal year 2021 is balanced, but that balance is based on actions yet to be taken and assumptions that may prove too optimistic … The Administration continues to lobby for additional federal aid and long-term borrowing authority in an effort to close budget gaps, rather than pursue an aggressive strategy to identify additional recurring spending reductions. … the City should not turn to long-term borrowing to address an imbalance in revenues and expenditures; borrowing should be a last resort.”