QUESTION
Does the preliminary capital commitment plan fully account for New York City's future capital needs?
1:04:26
·
111 sec
The preliminary capital commitment plan is deemed insufficient to fully reflect New York City's future capital challenges due to debt capacity limits.
- New York City is operating close to its debt capacity which limits the size of the capital budget.
- Three major projects, including school construction, board based job additional resources, and the BQE, could consume all remaining debt capacity.
- The city is lobbying the state for an additional $12 billion in debt capacity to address some of these needs.
- Despite these efforts, the budget director acknowledges that the plan does not fully capture the challenges related to mobile infrastructure in New York City.
Justin L. Brannan
1:04:26
Talking about the capital budget, the preliminary capital commitment plan is 5.9 $1,000,000,000 less than the adopted commitment plans for FY 'twenty 4 through 'twenty 8.
1:04:37
There's a number of large scale capital programs and projects that may be under budgeted or not yet included in this plan, do you believe that the prelim capital commitment plan accurately accounts for these cities' future capital needs.
Jacques Jiha
1:04:57
The challenge as you know, we have is the size of our cargo budget is limited by the dead sea.
1:05:06
Okay.
1:05:08
We are operating very close to our debt capacity right now.
1:05:12
We have 3 major projects.
1:05:16
Okay.
1:05:17
If we don't get the expansion that we're looking from the state internal TFA expansion, 3 big projects would consume every single thing that we have left into more debt capacity.
1:05:29
That is school construction authority, okay, any more of their own needs, the board based job, additional resources that we need, and for the BQE.
1:05:40
Okay?
1:05:41
So therefore, that's the reason why we are lobbying the state and the governor included in our budget.
1:05:46
About like $12,000,000,000 in terms of additional debt capacity to see if we could meet some of the needs that we have.
1:05:55
So as you stated, we have a lot of needs, but we are very, very concerned, okay, about that capacity.
1:06:03
So therefore, like you said, there is the capital plan.
1:06:09
Okay.
1:06:10
I would not say reflect fully.
1:06:13
Okay.
1:06:13
The two challenges that we're facing into mobile infrastructure in New York City.