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Mayor de Blasio unveils his $73.7 billion budget

New York Mayor Bill de Blasio, left, standing

(Credit: De Blasio, left, with Dean Fuleihan at his budget address on Feb. 12, 2014. (Craig Ruttle/Pool))

Mayor Bill de Blasio’s strategy for resolving New York City’s 150-plus labor contracts was left opaque yesterday in his first budget proposal.

He presented a sobering fiscal outlook, saying the budget for fiscal year 2015, which begins July 1, is balanced only thanks to leftover resources from previous years. He projected a $1.1 billion deficit for fiscal year 2016.

“We enter this process...

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De Blasio budget to put numbers behind promises

de blasio

(Credit: Charles Eckert)

Mayor Bill de Blasio will translate his campaign pledge to battle income inequality into hard numbers this week when he unveils his opening proposals on the city’s $70 billion budget.

Taken together, de Blasio’s State of the City speech Monday and the budget draft for 2014-15 he releases Wednesday are the opening steps of a bargaining process that runs through June, with the mayor’s office,...

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Report: City could end year with bigger surplus than projected

Holding image

A report from the city's Independent Budget Office suggests there may be more money in city coffers than projected by the mayor's office.

To be precise, $581 million more.

According to its most recent forecast for Fiscal Year 2014, the IBO anticipated that city could end the fiscal year roughly $2.4 billion in the black. Bloomberg's office expected that number to be closer to $1.8 billion....

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U.S. Senate prepares to pass budget deal averting January shutdown

John McCain

(Credit: John McCain (Getty Images))

The U.S. Senate was ready on Wednesday to pass a two-year budget deal aimed at avoiding a government shutdown in January despite objections by senators from both parties to proposed pension cuts for military retirees.

Final passage was all but assured on Tuesday when the Senate voted 67-33 to advance the measure to a final, simple majority vote late Wednesday afternoon in the Democratic-controlled...

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U.S. budget deal clears crucial vote in Senate

senate budget

(Credit: U.S. Senate Minority Leader Mitch McConnell (EPA))

A two-year U.S. budget deal on Tuesday cleared a Senate procedural vote that all but assured its passage by a simple majority later this week in the Democratic-controlled chamber.

The Senate voted 67-33 to limit debate on the measure, exceeding the required 60 votes and overcoming the opposition of conservative Republicans who objected to increased near-term government spending.

Twelve...

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Independent Budget Office pushes for higher taxes for rich, alcohol

beer cases

(Credit: Among the measures, the office recommended raising the alcohol tax. (Getty))

Higher taxes for wealthy New Yorkers? Higher taxes on booze? A commuter tax?

These are some of the suggestions that the city's Independent Budget Office offered Wednesday as part of its Budget Options report, which provides ideas on how to balance the city's finances.

Although Mayor-elect Bill de Blasio will inherit a balanced budget from Michael Bloomberg, IBO director Ronnie Lowenstein...

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MTA 'green fee' cuts down on spare change on MetroCards

The MetroCard is celebrating 20 years of swiping

(Credit: handout)

The MTA's $1 "green fee" for new MetroCards is cutting down on the agency's "loose change" windfall from unused cash on old cards, the city's Independent Budget Office said Monday.

Doug Turetsky, chief of staff at the budget office, said the MTA's November financial plan issued last week shows that leftover money from MetroCards -- listed as "fare media liability" -- is expected to add up...

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