New York Budget
Mayor Mayor Bill de Blasio recently rolled out the New York Budget for 2019. With regard to planned expenditure, several keys areas of investment/expenditure strike the eye, consider some of the main contributing factors:
New York Budget – Savings
- A planned total expenditure of $88.67 Billion.
- $900 million planned savings in FY 18 and 19, according to the preliminary budget
- An additional $1.3 billion is healthcare savings projected from FY18 onwards.
- $300 million in savings for FY18 and FY19 resulting from a hiring freeze.
New York Budget – Reserves
- A general reserve of $1 billion a year over four years.
- Capital Stabilization Reserve of $250 million a year over four years.
- Retiree Health Benefits Trust Fund – $4.25 billion
New York Budget – Demographics
- Most recent available figures put the population at 8,537,673
- Unemployment at 4.3%
- Jobs created at 415,000 over four years
- Number of New Yorkers in the labor force 61.1%
- Borough-Level Unemployment Rates near historic lows
- Job Growth greatest in sectors of eductional and health services, professional and business services, leisure and hospitality, and, financial activities
- immigrant population at 37.% which is the highest since 1910(40.8%)
- NYC business owners as a percentage stand at 55%
- Foreign born workers comprise 45% of the labor force, up from 31% in 1990.
- Foreign born households $96 billion in 2016, which was 39% of the total of household earnings.
The state budget then goes on to list numerous dark clouds on the horizon, listing federal threats to expenditure and other forces. The billions here listed as provisional expenditures in FY19 may well sound substantial to people living in countries outside of the U.S., especially considering that these figures relate solely to a city, not a country. However, two things should be stated to supply context to them. Firstly, New York is a city of eight million, five hundred thousand plus, in a country which has in excess of three hundred million people. This means that per person, the figures are not necessarily wildly excessive in comparison to other developed nations. Secondly, New York has often been a flagship of it’s particular national character, which means that businesses and wealthy individuals will naturally gravitate to the region for opportunities and networking.
Any one who travels to New York will be almost overwhelmed by the vibrant, cosmopolitan atmosphere that the city engenders. It follows, therefore, that all this activity requires substantial supervision. With this in mind, the vast numbers of the budget become easier to comprehend.
As someone who was born in London, it is easier for me to understand this, than it would be, for instance, for someone who comes from, say, Edinburgh in Scotland