Originally published in Issue 2 - Feb 12, 1997
This Friday, February 14th, the Independent Budget Office will release its first annual report on New York City’s Fiscal Outlook. This study will report findings from IBO’s newly developed budget baseline, including an independent revenue estimate and forecast of City spending through 2001.
The Fiscal Outlook meets the challenge set forth in the City Charter for IBO to issue a report each February discussing the expected levels of revenues and expenditures anticipated for the City in the coming fiscal year. The report is intended to serve as an objective, long-term planning tool for the City officials responsible for adoption of the City’s annual budget.
This report includes IBO’s national and local economic outlook, projections of City revenues and expenditures, and alternative budget outcomes under a variety of scenarios. This report has not been completed in response to the Mayor’s budget. An IBO analysis of the preliminary budget will follow in March as required by the Charter.
The Fiscal Outlook should be viewed as a starting point for consideration of the Mayor’s budgetary proposals; a benchmark against which to measure the costs of policy initiatives; and an early warning indicator capable of identifying potential future fiscal difficulties for the City. The full text of New York City’s Fiscal Outlook will be available on IBO’s website or call (212) 442-0632 for a copy.