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State Comptroller: NYC Needs a Long-Term Plan for “Colossal Economic Storm”
New York City is facing heavy fiscal weather and should develop a long-term plan to lay out its options before resorting to long-term borrowing, State Comptroller Thomas DiNapoli warned in a new report. However, he noted that the fiscal challenges are mitigated by reserves the city built up before the current downturn.
“Past experience indicates the city would be well-served by developing and considering all options, in order to identify if and when deficit financing is truly needed,” DiNapoli said. “Washington, for its part, can, and must, help the city weather this colossal economic storm.”
NYC’s current projected budget gaps remain lower than the prior two recessions and officials anticipate a rebound in growth and revenues in fiscal years 2022 and 2023. Yet, DiNapoli’s report noted that the recovery may be slower than anticipated and its pace will depend on numerous factors that may be out of the city’s control.
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- ◦Economy
- ◦Financing
