May 27, 1997
The last in an annual series of three Charter-mandated reports for IBO, this report contains an analysis of the Mayor's Executive Budget for 1998 and a discussion of its potential fiscal implications. While IBO's previous two reports, New York City's Fiscal Outlook and Analysis of the Mayor's Budgetary Proposals, provide a long-term view of City finances under two distinct scenarios, this report focuses principally on the coming fiscal year. It is intended to serve as an objective reference document for elected officials, the media, and the public wishing to influence, report on, or understand the City's budget as it approaches adoption.
Chapter 1 presents our main findings and provides an overview of issues addressed in the report. Chapter 2 contains an update of our economic and revenue forecast along with a discussion and re-pricing of the Mayor's tax reduction initiatives. Chapter 3 provides an analysis of the Mayor's spending proposals for City agencies, highlighting changes from 1997 forecasted levels, while Chapter 4 discusses various issues having a significant impact on the City's budget.
Our economic and revenue forecasts were developed by IBO's Economic Analysis Division, headed by Ronnie Lowenstein. The analysis of the expense budget was completed by our Budget Analysis Division under the supervision of C. Spencer Nelms. Frank Posillico and George Sweeting coordinated all spending and revenue projections. In addition to their programmatic responsibilities, Bernie O'Brien served as project manager for the report and Ian Brown provided wizard-like technical support. A list of IBO contributors and their respective areas of responsibilities follows at the end of the report.
Although this report contains a wealth of information, readers may require additional information on the Mayor's budget. Accordingly, IBO has established a budget hotline to answer budget-related questions. The hotline can be accessed by calling (212) 442-8651 or by sending an e-mail to email@example.com.
Douglas A. Criscitello
The City of New York Independent Budget Office