Your guide to NYC's public proceedings.
AGENCY TESTIMONY
Federal funding risks and need for budget transparency
0:10:43
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65 sec
Sherman discusses the recent announcements of federal spending reductions and their potential impact on New York City's budget and services. She emphasizes the need for transparency and fiscal realism in the city's budget process.
- Federal funding cuts affect about 8% of the city's expense budget
- National economic uncertainty complicates the fiscal picture
- The administration has not publicly addressed how these risks affect the city's budget
Jackie Sherman
0:10:43
Since January 20, New York has faced a cascade of announcements of reductions in federal spending.
0:10:51
Direct federal funding, currently around 8% of the city's expense budget, supports a range of core services.
0:11:00
Federal dollars also flow through the state to the city, to the MTA and NYCHA, and directly to New Yorkers, such as Social Security payments.
0:11:11
National economic uncertainty further complicates the picture.
0:11:15
Volatility in trade policy poses significant risks for inflation, consumer spending, tourism, and ultimately state and local revenues.
0:11:26
The administration has not yet publicly discussed how these risks can affect New York City's budget.
0:11:34
Today, I will focus on questions that IBO believes should be answered in the upcoming executive budget.
0:11:43
The city's budget process must embrace transparency and fiscal realism.