2. Composition of NYC Revenues
Fiscal Year 2014
$ in billions
State Grants,
$11.8, 16%
All Taxes,
$45.3, 60%
Other Taxes, $4.7, 6%
Business Taxes,
$5.7, 8%
Sales Taxes, $6.3, 8%
Federal Grants,
$6.5, 9%
$75.2B
Other Grants and
Aid, $.8, 1%
Personal Income
Taxes, $8.8, 12%
Property
Taxes, $19.8, 26%
Surplus
Roll, Net, $2.7, 3%
Miscellaneous
Revenues, $8.1, 11%
2
3. Composition of NYC Expenditures
Fiscal Year 2014
$ in billions
Salaries and
Wages,
$22.2, 29%
Other
OTPS, $21.8, 29%
$75.2B
Public
Assistance, $1.4,
2%
Other Fringe
Benefits,
$3.4, 5%
Medical
Assistance,
$6.4, 9%
Debt
Service, $6.2, 8%
Pensions,
$8.3, 11%
Health Insurance,
$5.5, 7%
3
4. Economic and Revenue Growth is Projected to
be Slower than in Pre-Recession Years
Average Annual Growth
2002-2008
2008-2013
2013-2017
Real Property Market Value
12.5%
1.0%
4.4%
Personal Income
6.1%
2.0%
3.8%
Average Wages
5.1%
0.5%
2.3%
Tax Revenues (Net of Changes)
9.4%
2.0%
3.2%
Tax Revenues (Budget)
9.8%
3.3%
3.2%
Total Revenues
7.2%
3.2%
1.7%
Economic Indicators
Revenue Indicators
4
5. Health Insurance & Debt Service Drive Expense
Growth; Pension Spending Remains High, But Level
40%
Debt Service
Percent Growth from 2013
35%
30%
25%
Pensions
Employee and Retiree Health Insurance
Total Spending
20%
15%
10%
5%
0%
FY2013
FY2014
FY2015
FY2016
FY2017
5
6. 0%
20%
40%
60%
Note: Fiscal Year 2014 total commitments planned as of September 2013.
Housing, $4,592
All Other, $4,469
Hospitals, $4,147
Economic Dev., $4,016
Buildings, $3,691
Sanitation, $3,250
Parks &
Culturals, $8,750
Tech &
Equipment, $7,272
Protection, $5,062
Transportation, $12,46
9
Environmental
Protection, $25,444
Education, $27,874
$111 Billion in Capital Commitments
Since Fiscal Year 2003
Total Capital Commitments by Function, FY2003-2014
80%
100%
6
7. Greatest Risk to the Financial Plan
from Expired Labor Contracts
Potential Cost of Labor Settlements to the City of New York
$8,000
Three 2% raises
for entire
workforce for
2010-2013 round
of bargaining
$7,000
Dollars in Millions
$6,000
$5,000
$3,700
$4,000
$1,800
$1,800
$900
$900
$3,000
$2,000
$3,500
$1,000
$1,965
$1,769
FY2015
Two 4% raises for
teachers and
principals for the
2008-2010 round
of bargaining
Projected Budget
Gap (June 2013)
FY2016
$0
FY2014
7
8. Budget Calendar
Jan.
Feb.
March
Mayor
submits
Prelim.
Budget to
City
Council
The City
Council
holds
public
hearings
on the
Prelim.
Budget
The City
Council
reports its
findings
and
recommendation
s
April
The Mayor
submits
the
Executive
Budget to
the
Council
May
Second
set of
hearings
on the
Executive
Budget
June
Budget
negotiations
occur
July 1
Nov.
Start of
the new
Fiscal Year
First
quarter
mod. and
update to
the
budget
8
