Your guide to NYC's public proceedings.
AGENCY TESTIMONY
City budget concerns and options for surplus
0:11:49
·
50 sec
Sherman highlights specific concerns with the city's budget, including underestimated and overestimated costs. She also discusses options for handling the projected fiscal year 2025 budget surplus.
- Budget understates costs for overtime, Carter cases, and city FEPPs
- Budget overestimates payroll costs and costs for services to asylum seekers
- IBO encourages considering either placing surplus funds into reserves or using them to prepay next year's expenses
Jackie Sherman
0:11:49
The budget continues to understate costs for personnel overtime, Carter cases, and funding for city FEPPs.
0:11:58
Meanwhile, the budget overestimates the city's payroll costs and costs for services to asylum seekers.
0:12:06
At the same time, the city also faces a critical policy decision, what to do with the projected fiscal year twenty twenty five budget surplus.
0:12:17
IBO encourages the council to weigh the merits of two options, placing funds into reserves or using them to prepay next year's expenses.
0:12:27
While prepayment may offer short term flexibility, applying the surplus to reserves provides more long term stability as the city faces challenges posed by the federal administration.