{"id":252777,"date":"2021-05-18T21:17:47","date_gmt":"2021-05-18T18:17:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bill-de-blasios-spending-could-leave-city-in-budget-crunch-for-years-ibo\/"},"modified":"2021-05-18T21:17:47","modified_gmt":"2021-05-18T18:17:47","slug":"bill-de-blasios-spending-could-leave-city-in-budget-crunch-for-years-ibo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bill-de-blasios-spending-could-leave-city-in-budget-crunch-for-years-ibo\/","title":{"rendered":"#Bill de Blasio’s spending could leave city in budget crunch for years: IBO"},"content":{"rendered":"

“#Bill de Blasio’s spending could leave city in budget crunch for years: IBO<\/strong>”<\/p>\n

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Looks like Mayor Bill de Blasio\u2019s \u201cspending like a drunken sailor\u201d is gonna leave the Big App<\/a>le with a nasty hangover.<\/p>\n

The city\u2019s Independent Budget Office projects that more than $4 billion of the city\u2019s federal stimulus money is going to programs designed to continue well after the aid dries up \u2014 adding more fuel to criticism of de Blasio\u2019s recent COVID-relief spending spree. <\/p>\n

That accounts for roughly one in four dollars of the $15.8 billion in federal funds the Big Apple has been allocated as part of the coronavirus rescue package passed by Congress and signed by President Biden. <\/p>\n

The spending spree comes as the IBO projects the coronavirus pandemic has taken a $17 billion bite out of the city\u2019s tax revenues between 2021 through 2024 \u2014 a massive decline that could imperil the Big Apple\u2019s future finances, the agency warned in its report. <\/p>\n

\u201cThe loss of such a large amount of revenue \u2014 over 6 percent of estimated tax revenue through 2024 \u2014 could greatly hinder the ability of the city to maintain its current level of services,\u201d the watchdog warned in its report. <\/p>\n

The $4.2 billion in federal stimulus funds flagged by the IBO is being used to undo a raft of budget cuts forced by tax shortfalls due to the pandemic \u2014 including replacing $1.3 billion in needed labor savings, allowing officials to divert nearly $600 million in tax money that would typically fund the Sanitation and Correction departments, providing $149 million to hire new city employees and restoring $28 million in cuts to trash pickups. <\/p>\n

\"The
The Independent Budget Office projects that de Blasio\u2019s spending plans for 2022 will cost $98.8B.<\/figcaption>
Roy Rochlin\/Getty Images<\/span><\/figcaption><\/figure>\n

All told, the budget watchdog projects that de Blasio\u2019s spending plans for 2022 will cost $98.8 billion \u2014 slightly more than City Hall\u2019s record projection of $98.6 billion. <\/p>\n

The infusion of federal support means the city budget could see a surplus of as much as $1.3 billion in 2022, however deficits of at least $3.5 billion are forecast for 2023, 2024 and 2025. <\/p>\n

Good government groups and budget watchdogs have slammed de Blasio\u2019s budget proposal for not setting aside more federal funds for future years, leaving his successor with those yawning budget gaps. <\/p>\n

\u201cHe\u2019s spending like a drunken sailor and leaving it to the next mayor to be sober,\u201d said former president of the Citizens Budget Commission, Carol Kellermann, told The Post last week.<\/p>\n

De Blasio\u2019s wild spending aside, the IBO predicts the arrival of the coronavirus vaccines \u2014 coupled with the ongoing relaxing of pandemic-related restrictions \u2014 will help speed the economic recovery across the five boroughs. <\/p>\n

The budget watchdog now expects the city\u2019s economic output in gross dollars to exceed its pre-pandemic levels later this year. <\/p>\n

\"Carol
Carol Kellermann said Mayor Bill de Blasio is spending money \u201clike a drunken sailor.\u201d<\/figcaption>
Alexi Rosenfeld\/Getty Images<\/span><\/figcaption><\/figure>\n

And, it now projects that employment in the Big Apple will return to 2019 levels by 2024 \u2014 a year sooner than it previously projected. <\/p>\n

The IBO chalked up the massive lag between the recovery in economic output and employment figures to the city\u2019s heavy reliance on tourism \u2014 pointing to the possibility that virtual meetings may lead to permanent cutbacks in business travel<\/a> and the continued spread of the coronavirus overseas would dampen international tourism. <\/p>\n

\u201cWe do not expect that pre-pandemic levels of employment in leisure and hospitality will be attained [by 2025],\u201d the IBO warns. <\/p>\n

City Hall recently announced a new $30 million tourism ad campaign in a bid to try and head off permanent declines in the sector, funded by stimulus dollars.<\/p>\n

\u201cThe city just passed through its most difficult financial stress test in generations and came out on top thanks to our aggressive vaccination campaign,\u00a0strong fiscal management, and the robust federal stimulus,\u201d said de Blasio spokeswoman Laura Feyer. <\/p>\n

\u201cThe entire point of the stimulus is to push economic and revenue growth which will drive New York City\u2019s recovery for years to come.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Bill de Blasio’s spending could leave city in budget crunch for years: IBO” Looks like Mayor Bill de Blasio\u2019s \u201cspending like a drunken sailor\u201d is gonna leave the Big Apple with a nasty hangover. The city\u2019s Independent Budget Office projects that more than $4 billion of the city\u2019s federal stimulus money is going to programs…<\/p>\n","protected":false},"author":1,"featured_media":252778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/05\/GettyImages-1312193747.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[106210,5042,70343,69348],"class_list":["post-252777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-18-21","tag-bill-de-blasio","tag-city-budget","tag-city-hall"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/252777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=252777"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/252777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/252778"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=252777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=252777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=252777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}