For years, the Manhattan Institute has warned about the unsustainability of New York City’s public retirement system. Even before the Covid-19 pandemic, the city was on a dire trajectory. Now, the city's financial future is particularly vulnerable and uncertain, with its population base, economic performance, and property values all facing unprecedented pressure.
Gov. Andrew Cuomo said Wednesday his decision to take no aggressive action now to deal with the state's fiscal woes is based on his political forecast that Joe Biden, a fellow Democrat, will defeat President Trump in the Nov. 3 election.
A report finds the unfunded debt of Republican-controlled Texas is closer to that of Democrat-controlled states like California and New York, rather than Republican-controlled states like South Dakota and Florida.
The Covid-19 pandemic and associated economic disruption have led to sudden and deep shortfalls in tax revenue, and have opened up multi-billion dollar budget gaps in New York City’s four-year financial plan.
After tense negotiations and a close vote ending early morning July 1, the City adopted an $88.2 billion budget for fiscal year 2021. The quick and severe economic disruption opened up large budget gaps in fiscal years 2020 and 2021, over half of which closed with reserves and federal aid.
The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
For local governments across New York, it’s been a longtime demon they just can’t shake: state-imposed mandates requiring them to offer some kind of government service but without Albany paying the tab.
The New York State Association of Counties (NYSAC) has submitted to the New York State Division of Budget a series of county recommendations for overcoming the budget crises facing the state and local budgets as a result of the COVID-19 pandemic.
Adjunct English professor Sophia Cantave had just finished her spring semester classes at Bronx Community College when she received a letter that her services were no longer needed at the City University of New York school.
Most of the newest retirees eligible for pensions over $100,000 from the New York State and Local Retirement System were retired police officers, according to data posted today on SeeThroughNY, the Empire Center’s transparency website.
New York City municipal employees provide services New Yorkers rely on; their dedication during the pandemic is a testament to their work ethic and commitment to our city. Yet, as the City faces the worst fiscal crisis in generations, municipal workers are also facing the dire prospect of layoffs.
Joined by a brigade of labor leaders, Gov. Andrew Cuomo is pressing New York’s congressional delegation to help reel in $59 billion in federal bailout money for state and local governments whose revenues have been crushed in the pandemic.
The city is delaying potential layoffs of thousands of municipal workers, Mayor de Blasio said Monday
In September 2018, activist groups around New York rushed to denounce the Trump administration for considering making changes to the “public charge” rule for noncitizens.
New York City has asked Albany for permission to borrow money to maintain city services needed by our residents.
The state’s fiscal year is 5 months old and its budget is still sorely out of balance.
New York City faces a $9 billion deficit over the next two years, high levels of unemployment and the prospect of laying off 22,000 government workers if new revenue or savings aren’t found in the coming weeks.
New York Attorney General Andrew Cuomo is the "father of the subprime crisis" and his aggressive attacks on Wall Street could make him dangerous to the banking sector if he becomes the next governor of New York, well-known banking analyst Dick Bove told CNBC.
Walter Bagehot’s famous dictum that central bankers should lend freely at a penalty rate in a crisis is as quaint today as the Victorian age in which he lived. Now the policy is to lend freely at a subsidized rate, especially to politically preferred borrowers.
As the July 31 expiration date looms over the Cares Act’s unemployment bonus, all eyes will turn to the next—and, according to Senate Majority Leader Mitch McConnell, the last—coronavirus relief bill. Chief among Democrats’ priorities is a “blue-state bailout.”