According to the Citizen’s Budget Commission (CBC) – a nonpartisan think-thank – a whopping 17% of tax revenues, which would translate to $15.7 billion based on FY2020 projected revenues. That’s 50% more than the entire operating budget of Houston, Texas!

In a report published in April 2019, the CBC has determined that New York City would experience revenue shortfalls as much as $15-20 billion over three years. Absent of a contingent funding source (the City cannot borrow to pay operating expenses after legislation passed during the City’s fiscal crisis in the 1970s-early 80s), the City would be forced to cut services.

The creation of a Rainy Day Reserve Fund would require state legislation and revision of the City Charter.

Read the full report at CBC’s website.

Contact Jenny Lee at JL@BuyMuni.com.