Results tagged “independentbudgetoffice”

Yesterday was the release of the annual report of cost-cutting suggestions filed by the Independent Budget Office, the nonpartisan, publicly agency, whose report shows both the pros and cons of certain suggested measures. While many of the ideas are bureaucratic pipe dreams, this could be the year that the city takes the IBO up on some of its offerings with the city in a budget crunch resembling nothing from recent years.

Next time someone calls you cheap for taking a date out on the free ride provided by the Staten Island Ferry, you have them know that that ride actually costs almost six dollars...in taxpayer money. The Mayor's Management Report says that with rising costs in fuel throughout last year, the price of each ride went up almost 25% to $5.69 with the total annual tab costing the city $112 million. The Independent Budget Office has been suggesting for years that reinstating a fare to the ferry (which stopped charging 50¢ a ride in 1997) could bring in $4.3 million to a city budget that's ailing. This year's report pointed out that allowing Staten Islanders to continue to ride free and just making tourists pay for one of the best views of the city would net $3.4 million alone. Yet today's NY Post says that "there's little sentiment to reinstate any charge."

The Independent Budget Office of the City of New York released a five page report [pdf] yesterday projecting that beginning next year, the City will face a serious fiscal crisis when it runs a deficit of $3.1 billion. By 2011, that budget shortfall could more than double, to $6.3 billion. The projections merely take into account current trends in New York City and don't factor in the possibility of a widespread national recession.

The Independent Budget Office released a report examining who might be affected by congestion pricing. The report, "Behind the Wheel: Who Drives Into The Proposed 'Congestion Zone'" can be read here (PDF) but the topline is that drivers are middle-class and over half are from Nassau County, Westchester, NJ, Connecticut and Pennsylvania. The report states, "Looking at the extremes of the earnings distribution for all congestion zone commuters, motor vehicle users were less likely...

The MTA is having a board meeting today and the big topic is fare hikes. As has been the scuttlebutt since the weekend, the MTA will be discussing an "overall increase in fare and toll revenues of 6.5 percent," according to board members who spoke to the NY Times. How that translates into actual numbers is unclear, but it does means the base per-ride fares and unlimited Metrocard monthly and weekly fares would probably rise.

No one likes getting a parking ticket, but it's those instances when tickets are handed down unfairly that really make people crazy and determined to beat them. Sanford Young, a lawyer, spent two years and an estimated $10,000 to beat a $65 ticket in Manhattan Supreme Court. From The Post:

Young got the ticket on Nov. 29, 2005, after he parked on First Avenue near East 70th Street to have dinner with a friend. He returned from his $60 dinner to find a $65 ticket.

Continue reading "How Far Would You Go to Beat a Parking Ticket?"

If the report released yesterday by the city's Independent Budget Office is true, it could get a lot more expensive to ride the MTA subways and buses in the future. The IBO believes that the MTA has to increase its revenues by 20% by 2010. That means subway and bus fares could go up at least 20% by 2010, making a single ride $2.40. The worst case scenario - where rates for other revenue sources are not increased - has subway and bus fares jumping to almost $3. The price of a monthly metrocard would would jump from $76 to $112. A weekly card would go from $24 to $36. The last increase in fares was in 2004.

In Congressional testimony in Washington D.C. yesterday, deputy NYPD commish Richard Falkenrath told lawmakers that he wakes up every morning braced for another terrorist attack. The method of attack? Simultaneous detonation of satchel bombs. Falkenrath, who was testifying in front of the Homeland Security Committee on a mass transit bill, also told House members that there have been 22 bomb threats and 31 leads related to subway attack plots this year. The proposed bill would set aside $4 billion for subway and rail security, including $100 million for tunnels in Penn Station.

The special elections in Brooklyn and Staten Island were decided and then undecided in a matter of days. The newly elected Council members will have to wait until the final election results are tallied before they are sworn in. By “election results” we mean whether Dr. Mathieu Eugene’s seat in Brooklyn’s 40th District is the same place of his residency during the time of the election.

It's not surprising news, but it's a reminder why people don't live in New York City. A report from the Independent Budget Office showed that New York City has the biggest tax burden than eight other big cities. In fact, NYC's tax burden is practically 50% higher than the average of cities like Philadelphia, Los Angeles, San Antonio, Houston, Chicago, Dallas, Phoenix and San Diego. (We don't know where San Francisco, Boston, or Seattle were during this survey.) For every $100, New York City's state and local taxes "absorbed" $9.02, while other cities average $6.16.

In a few hours, Mayor Bloomberg will give his annual State of the City address. But the cat is out of the bag, as everyone is abuzz about how he will be discussing a $1 billion tax cut. Property taxes will be reduced, the city's 4% tax on clothing and shoes over $110 would be eliminated (you would still pay the state (and MTA)'s 4.375% sales tax), and small businesses would get tax breaks, too.

For the "Too Good to Be True, So It's Just Not True" file: The NY Times reports that 23 year old Daniel Markovitz "told people that he could get their parking fines reduced, saying that he knew someone in the Parking Violations Bureau or that he worked for a Web site that helped adjudicate tickets." Markovitz collected up to $780 from each person and did pay off fines for 53 parking tickets (which totaled $4,700). Except he used stolen credit cards to do so and making a profit of $2,000.

City government has never been sexier, as Standard & Poor's have given NYC an A+ to the city's debt rating, which is its best ever! So what does that mean? Public finance expert Dall W. Forsythe explains to the Times that the city can borrow at lower interest rates, more people will be willing to city bonds. And the Independent Budget Office points out to the NY Sun, "The lower your debt service costs, the less a drag it is on your other expenditures" (the city paid $4.6 billion in debt service last year). Yeah, a thrill-a-minute, but we wouldn't expect less from our billionaire mayor, because if there's one thing he knows about, it's money (give or take some issues about how to allocate it): He also told the Citizens Budget Commission that the rating "give me a smile on my face every once in a while."

Yesterday, Mayor Bloomberg presented a $52.7 billion budget for 2007 with measured spending, in spite of a $3.4 billion surplus. He said the city had to anticipate slowdowns in real estate and from Wall Street, plus rising gas prices, with budget deficits in 2006, 2009 and 2010 possible; another concern is being able to address the rising cost of city employees benefits, so he's spending a few billion now to "reduce long-term costs." The budget has been praised by the Independent Budget Office, Public Advocate Betsy Gotbaum and City Comptroller William Thompson, who said, "Mayor Bloomberg has taken a creative, proactive approach to addressing the city's short- and long-term needs by setting aside resources to be available for future years, which are expected to be saddled with considerable budget gaps." But the City Council was less enthusiastic, concerned that it will still spar with the Mayor to restore funding to libraries and other programs before the budget is passed, as they do every year. However, Mayor Bloomberg did agree City Council Speaker Christine Quinn's request for $12 million in new bullet proof vests for the NYPD.

Way back in 2004, the city announced its super duper special NYC Tax Credit Program for film and TV producers (as well as commercial, music video, etc.) in order to motivate productions to happen here, versus Los Angeles or (gasp) Toronto. And it worked really well: Lindsay Lohan made a movie, Martin Scorsese shot a set-in-Boston movie mostly here, CBS brought us Love Monkey (then cancelled it), there's another Dick Wolf TV, plus countless others. But now it turns out that the film credits were maybe too much of a good thing: The NY Times reports that the film credit program will be revised because the $50 million allocated for the program over four years has been sapped away in just 13 months! Who knew, a city program that was too good to be true?

Every year, Gothamist looks forward to the Independent Budget Office's ideas on how the city can save and make money. The IBO is a nonpartisan, publicly agency, and the report shows both the pros and cons of certain suggested measures. Here are some of the suggestions:

State Reimbursement for Inmates in City Jails Awaiting Trial Over One Year

Continue reading "The IBO Presents its Ideas for Saving/Making NYC $$"

Real estate taxes have topped $29 billion this year, about $1.5 billion more than was expected last summer. While this seems like good news for the budget, it really isn't: Newsday reports that the 2007 budget has a "$3.5 billion hole in it." And City Comptroller William Thompson notes that outstanding issues that haven't been addressed in the budget are NYPD & NYPD contract negotiations and the need to fund city's schools, based on the multi-billion ruling by a judge last year. Plus, the Independent Budget Office thinks that this hot real estate tax streak is over.

What do you think of these ideas? Last year, the IBO suggested a latte tax.

Gothamist rounds up interesting movement in some of the big city development projects:

And, unsurprisingly, the City Council is overriding that Mayor's veto to allow more public funds to be spent by candidates running against wealthy opponents. But, in the good news column for Mayor B, the Marist poll showed his approval rating was up to 46% from 42% and the Independent Budget Office said the city's deficit was about $800 million less than expected, thanks to the strength of the real estate market and Wall Street.

New Yorkish on the tax and Mayor Bloomberg's coffee jones.