Event Presentation: How to Make a Budget
Upcoming SlideShare
Loading in...5
×

Like this? Share it with your network

Share
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
685
On Slideshare
504
From Embeds
181
Number of Embeds
2

Actions

Shares
Downloads
2
Comments
0
Likes
0

Embeds 181

http://challengeswiththebudget.splashthat.com 103
http://budgetin90.splashthat.com 78

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. New York City: Budget Basics 1
  • 2. 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
  • 3. 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
  • 4. 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
  • 5. 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
  • 6. 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
  • 7. 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
  • 8. 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