The stock market’s weak performance is projected to cost the city billions of dollars in pension fund obligations in the coming years. Source: New York Times
Posts published in “Budgets and Budgeting”
Bernard Rosen, Budget Brain for Four New York City Mayors, Dies at 91
By Gotham Rex on November 1, 2022
He knew how to find hidden pots of money. “There wasn’t a budget director in the last 50 years who didn’t rely on Bernie,” one of his acolytes said. Source: New York Times
What to Expect as New York Faces a Potential Fiscal Crisis
By Gotham Rex on September 23, 2022
The pandemic-driven downturn may mean service cuts and tough decisions for City Hall. Source: New York Times
N.Y.C. Faces Potential Fiscal Crisis as $10 Billion Budget Deficit Looms
By Gotham Rex on September 19, 2022
A persistent pandemic-driven downturn has caused revenue from business and personal-income taxes to fall in New York City, while tourism and job losses have yet to recover. Source: New York Times
New York City Can Reinstate School Budget Cuts, Court Rules
By Gotham Rex on August 10, 2022
With the first day of school in New York less than a month away, the city is caught up in a contentious legal battle over whether to cut school funding. Source: New York Times
Judge Says He Will Toss Out New York City School Budget
By Gotham Rex on August 4, 2022
After parents and teachers sued, a judge on Thursday said he would give the City Council the chance to revisit the school budget and vote again. Source: New York Times
A Judge Halts New York City School Budget Cuts, For Now
By Gotham Rex on July 26, 2022
Parents sued the city over plans to cut money to schools that have lost students, even as the mayor and City Council try to make a deal to restore funds. Source: New York Times
Daniel Weiss, Met Museum’s Chief Executive, to Step Down
By Gotham Rex on June 28, 2022
Daniel H. Weiss was a stabilizing force, but his departure raises questions about whether the museum’s two-pronged management structure still works and will continue. Source: New York Times
Amtrak Awards Contract to Expand Penn Station Train Tracks
By Gotham Rex on June 23, 2022
As debate rages on a plan to renovate the nation’s busiest hub, Amtrak awarded a contract to design a $12 billion expansion that would add train capacity. Source: New York Times
Rebuilding Elementary School Band Class After the Pandemic
By Gotham Rex on June 19, 2022
Young violists and sax players in Brooklyn get reacquainted with their instruments, and with one another: “You have to play in harmony.” Source: New York Times
Ocasio-Cortez Assails City Council Speaker Over Budget
By Gotham Rex on June 16, 2022
The congresswoman, who has recently been vocal about New York City political players, denounced what she called “dirty politics.” Source: New York Times
Ocasio-Cortez Accuses City Council Speaker of Playing ‘Dirty Politics’
By Gotham Rex on June 15, 2022
Rep. Alexandria Ocasio-Cortez criticized Adrienne Adams, a fellow New York City Democrat, over her handling of budget negotiations. Source: New York Times
New York City Budget Deal Keeps Police Spending Flat
By Gotham Rex on June 10, 2022
Helped by better-than-expected tax revenue, the spending plan reflects the tension between Mayor Eric Adams and the City Council over the issue of crime. Source: New York Times
As NYC Rents Rise, Eric Adams Faces Pressure on Housing Crisis
By Gotham Rex on May 24, 2022
“We’ve got to get it right,” the mayor says, but the City Council and advocates want him to push more and spend more to address the dire shortage of affordable housing. Source: New York Times
Vote on N.Y.C. School Funding Will ‘Blow Up’ System, Chancellor Says
By Gotham Rex on April 28, 2022
The Panel for Educational Policy blocked the Adams administration’s funding formula, a move that may delay school budgets for the coming year. Source: New York Times