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.
But the Mayor had to give some bright spots, so he touted that tourism is high and unemployment is low. Nine hundred million is being invested in a variety of city agencies such as money going to the Administration for Children's Services and the the Department of Ed (for school construction). The budget also outlined funding in the Four-Year Capital plan, which includes investments in the Hudson Yards/7line extension ($3 billion),Croton Water Filtration Facility ($1.1 billion), Yankees ($149 million) and Mets ($105 million) stadiums infrastructure, Fresh Kills Park ($136 million), Atlantic Yards ($107 million), Greenpoint-Williamsburg development ($99 million), Brooklyn Bridge Park ($51 million), and retaining wall maintenance ($48 million).
You can read the PDF of the budget summary - it's a Powerpoint presentation. And after the jump, here are three charts that we found interesting:
1) How much of NY State's tax revenue comes from New York City:
2) How much funding NY State gives to NYC, compared to NYC's state tax contribution:
3) How much funding the federal government gives to NYC, compared to NYC's federal tax contribution:
Perhaps you should keep this is mind the next time any politician related to NY State mentions money.