Bloomberg Tax
Dec. 23, 2019, 6:41 PM

NYC Budget Outlook Sound, With Warnings: Watchdog

John Herzfeld
John Herzfeld
Staff Correspondent

New York City’s property tax so far is bolstering its revenue collection, despite the potential for slower economic growth in the future, according to the city Independent Budget Office.

The budget office, an official city fiscal watchdog agency, warned in a Dec. 23 analysis of near-term risks from a slowing economy, state fiscal troubles, and lower growth in tax revenue. But it “remains cautiously confident” about the outlook overall.

  • The office pegged the expected surplus for the fiscal year ending next July 1 at $635 million, leaving a $1.6 billion gap, or 2.1% of city-funded spending, if ...