QUESTION
What changes are necessary if the proposed executive budget remains unchanged?
0:56:39
·
62 sec
The NYC Mayor's Office of Management and Budget (OMB) faces a $600,000,000 shortfall due to unmet state support and additional costs imposed by state actions.
- The shortfall includes a $400,000,000 gap from the expected Salem seeker grant from the state.
- State actions, including a SIRSTACK's intercept and changes in foundation aid formula, add $200,000,000 in costs.
- The total projected shortfall for the city is $600,000,000.
- The budget director emphasizes the significant impact these factors have on the city's finances.
Justin L. Brannan
0:56:39
So this year, it was unique because the city and the state released their their budgets simultaneously.
0:56:47
And then the the preliminary plan for the city estimated the state support before the governor's budget was released.
0:56:54
So What changes will we need to make if the the the executive budget stays as it was proposed?
Jacques Jiha
0:57:04
Right now, we're talking about $600,000,000 because we have about $400,000,000 shortfall.
0:57:13
In terms of expectation of the Salem seeker grant that we expected from the sit from the state.
0:57:20
And we also the state also took a number of actions that would cost us about like $200,000,000, including like we said, the SIRSTACK's intercept.
0:57:29
And and foundation aid because they change the formula.
0:57:33
That's also gonna cost us money.
0:57:34
So we're talking about another $200,000,000,000 of cost shifts.
0:57:38
Onto the city.
0:57:39
So overall, right now, we're looking at $100,000,000.
0:57:41
And