Q&A
NYC tourism and conventions budget cuts and restoration
7:49:27
·
78 sec
Council Member Farías expresses concern about the Program to Eliminate the Gap (PEG) cuts to the NYC Tourism and Conventions budget, emphasizing the importance of tourism to the city's economy. An OMB representative provides information on partial restoration of funds.
- Tourism generates $74 billion in economic impact for NYC
- Council member argues that cutting the tourism budget is counterproductive
- OMB reports that $680,000 was restored in FY24 to mitigate effects of the January PEG
- OMB will continue to review the situation going forward
Amanda Farías
7:49:27
And just quickly, I would like to, ask some questions around New York City tourism and conventions peg.
7:49:34
So we know NYC's tourist visitation has not yet fully recovered from pre pandemic levels, and tourism needs continued and consistent regional, domestic, and international promotion to grow and prevent decline.
7:49:48
The pegs that are, currently put on NYCTC are devastating for New York City tourism and to our visitor economy as a whole.
7:49:57
Cutting the budget is counterproductive to the goals that we have, and to the PEG as they are, an organization that for this city that is revenue generating.
7:50:08
And we know tourism gives the city more than it takes with 74,000,000,000 in economic impact.
7:50:15
So I just wanna see if we can discuss where that cut is currently and if there's any pathway for restoration.
Jacques Jiha
7:50:22
You want to take on this one?
7:50:23
Sure.
Diana Ayala
7:50:26
Sure.
Tara Boirard
7:50:28
A total of 6,000 a total of 680,000 was restored in f y 24, and out of the exact plan to mitigate some of the effects from the PEG from January, and we'll continue to look at it going forward.
Amanda Farías
7:50:38
Perfect.
7:50:39
Thank you for that.
7:50:41
And the last thing I will say, this is my final, actually, last thing.
