Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

NYC Budget Outlook Sound, With Warnings: Watchdog

Dec. 23, 2019, 6:41 PM

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 ...