1 The Most Important Economic And Fiscal Decisions Facing The Next Mayor A Citizens Budget Commission Conference December 6, 2013.

Slides:

Advertisements

Similar presentations

Planning After PLANYC: A Framework for Developing New York Citys Next Ten-Year Capital Strategy 1 The Most Important Economic and Fiscal Decisions Facing.

Advertisements

Long Term Care, Family Caregiving and the Law of Succession Part One Josephine Gittler The Aging Population, Alzheimer’s and Other Dementias: Law and Public.

Medicaid expansion in sc. today’s talk  Background  Politics of expansion  Impact on People  Impact on Business  Impact on the Economy  Final Thoughts.

Massachusetts Municipal Association presented to the Special Commission to Investigate and Study Retiree Healthcare and Other Non-Pension Benefits April.

The Long-Term Squeeze on Municipal Finances Massachusetts Association of School Business Officials Michael J. Widmer, President Massachusetts Taxpayers.

FISCAL ACCOUNTABILITY OF STATE GOVERNMENT Presentation Prepared for the Appropriations Committee and the Finance, Revenue, and Bonding Committee by the.

Managing Economic Development Programs in New York City: Lessons for the Next Mayor from the Past Decade 1 The Most Important Economic and Fiscal Decisions.

FISCAL ACCOUNTABILITY OF STATE GOVERNMENT Presentation Prepared for the Appropriations Committee and the Finance, Revenue, and Bonding Committee by the.

The Hon. David M. Walker Comptroller General of the United States.

1 America’s National Debt. 2 Important Concepts What’s the difference between deficits and debt? Deficits: The annual imbalance between revenues and spending.

Fiscal Year 2008 Budget Report Oakland University Senate November 15, 2007.

Ch. 14: Fiscal Policy Federal budget process and recent history of outlays, tax revenues, deficits, and debts Supply-Side Economics Controversies on effects.

Chapter 14: Social Security & Medicare. Social Security Established in 1935 by President Roosevelt to protect economic well-being of the aged Today, over.

Medicare spending is 14% of the federal budget Total Federal Spending in 2013: $3.5 Trillion MEDICARE Medicaid Net interest Social Security Defense Nondefense.

Time for a Turnaround: Facing Fiscal Reality in New York State Citizens Budget Commission.

New York City & New York State Budget Briefing June 23, 2015.

New York City Independent Budget Office IBO’s Outlook for New York City Theresa J. Devine Senior Economist.

Sources of Federal Revenue Chapter 14 pp

THE CONCORD COALITION The Federal Budget Now and In the Future presented by Joshua Gordon, Policy Director.

2005 Budget Summit February 11, 2005 Paula A. Bussard SVP, Policy & Regulatory Services The Hospital & Healthsystem Association of Pennsylvania.

City of Houston Long Range Financial Management Task Force City Financial Overview Part 2 September 6, 2011.

Deficit Spending and Public Debt

Forum on Fiscal Integrity August 3rd, 2010 J. Thomas Johnson, President Taxpayers’ Federation of Illinois (217) Illinois Fiscal.

Fiscal Sustainability and Local Governments MFABC FINANCIAL FORUM MARCH 26, 2015 LYNDA GAGNÉ, PHD, CPA(CGA) ASSISTANT PROFESSOR, UNIVERSITY OF VICTORIA.

Copyright © 2010 Pearson Addison-Wesley. All rights reserved. Chapter 14 Deficit Spending and The Public Debt.

Freedom in the 50 States Pennsylvania’s Perspective.

Government Budget Do Deficits & Debt Matter?. Federal Gov’t Taxes Federal Income Tax –Progressive Tax: tax rate increases as income increases Social Security.

Cleveland Municipal School District Fiscal Year 2009 Budget Overview.

1 McKinney isd PROPOSED budget June 22, 2009.

V irginia’s E conomic and Budget Climate Richard D. Brown Secretary of Finance November 9, 2009.

©2008 Public Assets Institute State Taxes and Budgets: Policies for Prosperity October 2, 2008 Paul A. Cillo Jack Hoffman Public Assets Institute

NESTOA September 16, 2011 Scott Pattison Executive Director National Association of State Budget Officers 444 North Capitol Street, NW, Suite 642 Washington,

State Fiscal Outlook: Minnesota and the Nation ONE MINNESOTA January 25, 2012 Scott Pattison Executive Director National Association of State Budget Officers.

Report on the Economic Crisis: Initial Impact on Hospitals November 2008.

Ch. 10 Econ 1. Total gov’t expenditures at all levels was almost $3 trillion in about $__________ for every American.

Deficit vs. Debt Deficit: how much more Government spends than it receives in tax revenue over 1- year Debt: total amount Government owes (has borrowed.

The Tax Expenditure for Health: Update for 2007 John Sheils April 29, 2008.

Return to Tutorials Tricia Neuman, Sc.D. Director, Medicare Policy Project Vice President, Kaiser Family Foundation For KaiserEDU June 2009 Medicare 101:

The Prospects for Increasing State Support for Higher Education Forum on Financing Public Higher Education CAPE, PROFS, UFAS February 23, 2010 Andrew Reschovsky.

© Center for Tax and Budget Accountability CENTER FOR TAX AND BUDGET ACCOUNTABILITY 70 E. Lake Street Suite 1700 Chicago, Illinois direct:

1 Chapter 12 Budget Balance and Government Debt. 2 Budget Terms A Budget Surplus exists when Tax Revenues are greater than expenditures and is the difference.

TOWN OF SWAMPSCOTT FINANCIAL FORECAST FISCAL YEARS 2014 – 2018 Tom Younger Town Administrator November 28, 2012.

The Federal Budget in 2009 Kris Cox Center on Budget and Policy Priorities Pennsylvania Budget and Policy Center Budget Summit February 26, 2009.

Financial impact of MEA contract What the city finance officer and school business administrator really said about the projected costs.

SHARON WARD PENNSYLVANIA BUDGET AND POLICY CENTER EPLC 2008 EDUCATION FINANCE CONFERENCE NOVEMBER 20, 2008 The Coming Storm: Education Funding in a Weakened.

Executive Office for Administration and Finance State House Rooms 373 & 272 Boston, MA FY2012 Budget Hearings Slide Presentation For The Executive.

Presented to the Board of Selectmen, School Committee, Finance Committee Andrew Maylor Town Administrator November 10, 2008 Town of Swampscott Fiscal 2010.

1 Chapter 12 Budget Balance and Government Debt. 2 Budget Terms A Budget Surplus exists when Tax Revenues are greater than expenditures and is the difference.

Illinois Update Where does the State get its revenue? 9.

U.S. Government Budget Why can’t we balance it?.

Section 2 Federal Government Expenditures Federal budget expenditures include –Social Security—considered mandatory spendingmandatory spending –National.

THE BUDGET… Every year, the President and Congress must appropriate funds Budget – a policy document allocating burdens (taxes) and benefits (expenditures)

Overall objective -- to estimate the economic impact of the Medicaid program on Alaska’s economy. More specifically, the report will: 1.provide a brief.

MUNICIPAL BUDGET FY 2017 INITIAL OUTLOOK AS OF JANUARY 27, 2016.

Town Council/School Committee FY Initial Budget Hearing December 7, 2015.

State of the States Brian Sigritz Director of State Fiscal Studies NASBO NASACT Middle Management April 12, 2016.

CITY OF PORT ARTHUR, TEXAS BUDGET WORKSHOP July 12, 2005.

City of Rosenberg DEBT SERVICE FISCAL YEAR 2016 BUDGET JULY 28,

THE NEW YORK HEALTH ACT: Single Payer Health Care for New York State May 2016.

FY 2012 General Fund 5-Year Forecast Presentation to the Board of County Commissioners Multnomah County Budget Office November 9, 2010.

August 3, 2017 How Do Retiree Health Costs Affect People and Programs?

How We Pay for the Public Sector

Medicaid: Big Decisions Ahead

Report on the Economic Crisis: Initial Impact on Hospitals

CT Association of Nonprofits BUDGET FORUM

Mechanicsburg Area School District

STATE FISCAL OUTLOOK CSG-ERC August 15, 2017 Brian Sigritz

Taxes & Government Budget

Mechanicsburg Area School District

Budget and Economic Forecast

Presentation transcript:

1 The Most Important Economic And Fiscal Decisions Facing The Next Mayor A Citizens Budget Commission Conference December 6, 2013

New York City Budget Briefing 2 The Most Important Economic and Fiscal Decisions Facing the Next Mayor A Citizens Budget Commission Conference December 6, 2013

Composition of NYC Revenues Fiscal Year $76.5 Billion

4 $76.5 Billion Composition of NYC Expenditures Fiscal Year 2014

Economic and Revenue Growth is Projected to be Slower than in Pre-Recession Years Average Annual Growth Economic Indicators Personal Income6.1%2.4%4.3% Wage Rate5.1%0.4%2.7% Revenue Indicators Tax Revenues (Net of Changes)9.4%1.6%3.9% Tax Revenues (Budget)9.8%2.8%4.0% 5

Expenditure Growth Driven by Debt Service and Fringe Benefits DEBT SERVICE Largest annual growth: 8.3% $1.6 billion increase FRINGE BENEFITS (w/o pensions) Steady annual growth of 5.8% $1.6 billion increase Rising health premiums TOTAL BUDGET: 1.5% annual growth 6

Growing Debt Service Driven By Capital Spending

Debt Burden Is High According to Metrics Used by Rating Agencies Debt Outstanding, FY2013Debt Service, FY Note: Does not include debt of the New York City Municipal Water Finance Authority.

High Health Insurance Spending Due to Generous Premium-Sharing Policies 9 Employee Health Insurance – Over 90% enrolled in 2 plans: GHI & HIP – City pays 100% of the premium cost for GHI & HIP for employees, spouses and families Retiree Health Insurance – 10 years to vest; begins upon retirement w/o regard to age – City pays 100% of the premium cost for retirees and dependents – City reimburses the full cost of Medicare Part B for retirees over age 65 and their spouses CBC report finds NYC premium-sharing policies are generous relative to other US cities, New York State, the federal government and private sector

FY2015 Budget is Balanced with Transitory Resources 10

Future Budget Gaps Appear Manageable; Greatest Risk from Expired Labor Contracts 11

HHC and NYCHA Will Also Impact City Budget Health and Hospitals Corp. HHC projects large gaps in FY2014 and beyond Cost containment measures have yet to be identified Counting on additional $500 million in Medicaid and Medicare starting in FY2014 NYC Housing Authority Gap-closing initiatives face community opposition Estimated operating deficit of $192 million in FY14 City allocated $71 million to keep senior and community centers open NYCHA must fill remaining $121 million gap 12 Source: Office of the State Comptroller