REMARKS
Explanation of the rental payment system and its impact on the city budget
3:01:53
·
86 sec
Council Member James F. Gennaro explains the rental payment system in NYC's budget and its impact on the city's finances. He describes how the mayor includes a large sum for rental payments in the budget, making it difficult for the City Council to remove or reduce this amount.
- The mayor typically includes a significant amount for rental payments in the budget (e.g., $440 million this year)
- The City Council has limited ability to remove this amount from the budget once it's included
- Removing the rental payment would require finding equivalent cuts elsewhere in the budget, which is politically challenging
James F. Gennaro
3:01:53
Let me just kinda speak to that for a second just, you know, because now we're just talking about the way things are.
3:02:01
Once the mayor mhmm.
3:02:02
I'm just I don't care who hears this because it's true.
3:02:06
Once the mayor, like, put in the budget that he's gonna do, like, this year was $440,000,000 worth of rental payments.
3:02:16
The council has no ability, you know, to get that number out of the budget.
3:02:20
The only way this works is if the mayor cannot put the number in the budget in the first place because the mayor so let's say, nothing happens, and we go to the, you know, like, we start making next year's budget.
3:02:33
And the mayor puts $307,000,000 in the budget in terms of rental payment.
3:02:38
Then the council takes it out then the council has to figure out what's gonna get, you know, like, what are the $300,000,000 worth of cuts Mhmm.
3:02:47
That are gonna have to happen to offset the rental payment Mhmm.
3:02:50
And then all the stink is on us.
3:02:53
And so The the the speaking very practically, you know, the council has almost I mean, we're certainly players in the budget process.
3:03:11
But like this year, to move a $440,000,000 number, like, out of the budget, it's just not gonna happen.
