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AGENCY TESTIMONY

IBO's budget forecasts and projected gaps

5:24:41

·

54 sec

The Independent Budget Office presents its forecast for tax revenues and expenditures, highlighting projected surpluses and budget gaps for the coming years.

  • Forecasts tax revenues of $79.7 billion in 2025 and $81 billion in 2026
  • Projects additional surplus of $1.7 billion in 2025 but larger gaps in subsequent years
  • Notes that projected gaps (around 7% of city tax revenues) are larger than those closed in recent years
Louisa Chafee
5:24:41
Our basic findings.
5:24:43
So IBO's forecast of tax revenues, is 79,700,000,000.0 in '25 and 81,000,000,000 in '26, do not vary significantly from OMB's forecast in those two years of the financial plan, but IBO's estimates savings on the expenditure side of 1,900,000,000.0 in 2025.
5:25:06
In all, these adjustments net an additional surplus in '25 of 1,700,000,000.0 and larger gaps in the rest of the financial plan window.
5:25:16
7,200,000,000 in '27, '7 point '9 billion in '28, and 7,100,000,000.0 in '29.
5:25:23
Those gaps are on average 7% of city tax revenues.
5:25:27
This is larger than the gaps the city has closed in recent years, which were around four to six percent of city tax revenues.
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