Event Presentation: How to Make a Budget
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Event Presentation: How to Make a Budget

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    Event Presentation: How to Make a Budget Event Presentation: How to Make a Budget Presentation Transcript

    • New York City: Budget Basics 1
    • Composition of NYC Revenues Fiscal Year 2014 $ in billions State Grants, $11.8, 16% All Taxes, $45.3, 60% Other Taxes, $4.7, 6% Business Taxes, $5.7, 8% Sales Taxes, $6.3, 8% Federal Grants, $6.5, 9% $75.2B Other Grants and Aid, $.8, 1% Personal Income Taxes, $8.8, 12% Property Taxes, $19.8, 26% Surplus Roll, Net, $2.7, 3% Miscellaneous Revenues, $8.1, 11% 2
    • Composition of NYC Expenditures Fiscal Year 2014 $ in billions Salaries and Wages, $22.2, 29% Other OTPS, $21.8, 29% $75.2B Public Assistance, $1.4, 2% Other Fringe Benefits, $3.4, 5% Medical Assistance, $6.4, 9% Debt Service, $6.2, 8% Pensions, $8.3, 11% Health Insurance, $5.5, 7% 3
    • Economic and Revenue Growth is Projected to be Slower than in Pre-Recession Years Average Annual Growth 2002-2008 2008-2013 2013-2017 Real Property Market Value 12.5% 1.0% 4.4% Personal Income 6.1% 2.0% 3.8% Average Wages 5.1% 0.5% 2.3% Tax Revenues (Net of Changes) 9.4% 2.0% 3.2% Tax Revenues (Budget) 9.8% 3.3% 3.2% Total Revenues 7.2% 3.2% 1.7% Economic Indicators Revenue Indicators 4
    • Health Insurance & Debt Service Drive Expense Growth; Pension Spending Remains High, But Level 40% Debt Service Percent Growth from 2013 35% 30% 25% Pensions Employee and Retiree Health Insurance Total Spending 20% 15% 10% 5% 0% FY2013 FY2014 FY2015 FY2016 FY2017 5
    • 0% 20% 40% 60% Note: Fiscal Year 2014 total commitments planned as of September 2013. Housing, $4,592 All Other, $4,469 Hospitals, $4,147 Economic Dev., $4,016 Buildings, $3,691 Sanitation, $3,250 Parks & Culturals, $8,750 Tech & Equipment, $7,272 Protection, $5,062 Transportation, $12,46 9 Environmental Protection, $25,444 Education, $27,874 $111 Billion in Capital Commitments Since Fiscal Year 2003 Total Capital Commitments by Function, FY2003-2014 80% 100% 6
    • Greatest Risk to the Financial Plan from Expired Labor Contracts Potential Cost of Labor Settlements to the City of New York $8,000 Three 2% raises for entire workforce for 2010-2013 round of bargaining $7,000 Dollars in Millions $6,000 $5,000 $3,700 $4,000 $1,800 $1,800 $900 $900 $3,000 $2,000 $3,500 $1,000 $1,965 $1,769 FY2015 Two 4% raises for teachers and principals for the 2008-2010 round of bargaining Projected Budget Gap (June 2013) FY2016 $0 FY2014 7
    • Budget Calendar Jan. Feb. March Mayor submits Prelim. Budget to City Council The City Council holds public hearings on the Prelim. Budget The City Council reports its findings and recommendation s April The Mayor submits the Executive Budget to the Council May Second set of hearings on the Executive Budget June Budget negotiations occur July 1 Nov. Start of the new Fiscal Year First quarter mod. and update to the budget 8