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Financial Management: New York City's Financial Situation

  Premium   Download PDF Now (11 pages)
Report Type Reports and Testimonies
Report Date June 13, 1977
Report No. GGD-77-61
Subject
Summary:

The proposed $1.3 billion increase in New York City's 1978 budget level runs counter to planned reductions in spending.

The major increase in expenditures (about $1 billion) was made possible by increases in Federal and State aid. This change was not fully analyzed because: the city estimates in the 1978 plan were not as detailed as those in its executive budget; changes were made in the accounting system; and the modified plan did not specify how the projected budget gap of $433 million in 1978 would be eliminated. Despite these difficulties, the major revenue and expense variances were identified and were confirmed with the city's Office of Management and Budget.

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