Sentences with phrase «city budget reserves»

Not exact matches

The draft audit notes that the city's goal had been to maintain an unrestricted fund balance (sometimes referred to as a reserve fund) of 5 percent of its total general fund budget.

Last year, the city only took from reserves about 88 percent of what Miner budgeted.

Mayor Ben Walsh has reserved $ 750,000 from the city budget to keep the land bank afloat next year.

City officials said the budget reserves are relatively high, at $ 5.25 billion, and de Blasio said that he's instituting a partial hiring freeze for certain managers and administrative workers.

What it's done is balance the books by state aid and by dipping into reserves, which to me doesn't suggest that the city budget is really sustainable.

The de Blasio administration contends that this is a misleading way to look at a budget, and reserves are for when the city is in trouble, not to bail out the state.

«This spending growth is not accompanied by any additional increase to the city's budget reserves, and budget gaps projected in future years have grown,» said Citizens Budget Commission president Carol Kellebudget reserves, and budget gaps projected in future years have grown,» said Citizens Budget Commission president Carol Kellebudget gaps projected in future years have grown,» said Citizens Budget Commission president Carol KelleBudget Commission president Carol Kellermann.

Before Trump's budget outline and the proposed American Health Care Act (Trumpcare), the preliminary City budget looked reasonable: Manageable budget gaps, reasonable reserves and moderate revenue growth in the context of slower job growth with wage and income growth improving.

WATERVLIET — The city is headed toward a 19.2 percent tax hike for 2018 and plans to cut spending because it can no longer can rely on cash reserves to cover its costs, according to the proposed $ 11.46 million budget presented to city residents.

Last year, the city budgeted $ 10 million to balance the 2016 - 17 operating budget; but in actuality, the city comptroller said, $ 34.5 million in unassigned reserves is needed to close the books on the fiscal year, which ended June 30.

Buffalo Comptroller Mark Schroeder speaks Tuesday in City Hall, warning of tough financial times ahead for the municipal government if it doesn't curb its habit of closing budget gaps by using reserve funds.

«For too long the city has relied on its reserves to compensate for structurally imbalanced budgets,» Schroeder said.

Buffalo's fiscal watchdog says the city needs to get out of its longtime habit of taking money from reserves to close out budget deficits.

He made news recently by raising concerns about City Hall's budgeting practices, which have involved the use of reserve funds the past three years to balance the books.

De Blasio and the NYC Council agreed on an $ 82.1 billion budget for New York City that adds tens of millions in new spending for initiatives, including summer jobs for youths, after - school programs and reserve funds to help the city weather an economic downtCity that adds tens of millions in new spending for initiatives, including summer jobs for youths, after - school programs and reserve funds to help the city weather an economic downtcity weather an economic downturn.

«The State Budget Director's suggestion, however, that New York City has $ 2 billion in reserves is flat - out wrong.»

As with last year's budget cycle, de Blasio has tried to ensure that city agencies are creating larger savings and reserve funds are being set aside for rainy day spending.

The 2016 budget includes a $ 12.1 million projected deficit, which will need to be covered by the city's reserve fund.

Overall, he insists that the city's budget cushion — the reserves and surplus funds at the beginning of the fiscal year — should be between 12 and 18 percent of city expenditures.

On Tuesday, the mayor proposed a new budget of $ 84.7 billion that included more money in the city's reserve accounts in case of federal reductions.

The budget predicts a $ 12.1 million deficit for the city, which will need to be paid from the city's reserves.

That would leave city reserves around $ 29 million, or 10 percent of the $ 293 million operating budget.

«This spending growth is not accompanied by any additional increase to the city's budget reserves, and budget gaps projected in future years have grown.»

The group said Mr. Cuomo, a Democrat, shortchanged the city's subways and buses this year in his executive budget proposal, allotting some $ 65 million less than previous years from a budget pool reserved for the MTA.

The savings the city has found in the budget, coupled with record reserves and the potential to modify the budget throughout the year had him confident that he could propose the new spending.

But the budget was also notable for what was not included — mainly, the City Council Fair Fares plan, which would provide reduce priced MetroCards for low - income New Yorkers, a $ 400 million property tax rebate and an increase in the general reserve fund.

The de Blasio administration proposed a new $ 84.7 billion budget on Tuesday that includes extra money in the city's reserve accounts in the event of federal cutbacks.

Without such a plan, Jain said, reserves and one - time revenues such as the potential Financial Restructuring Board grant would have to be used to balance the city budget.

He has called for a «budget cushion» between 12 and 18 percent of the city's operational budget, while the city's reserves currently stand at only 9 percent or $ 8.5 billion.

With a projected $ 3.8 billion budget gap in FY 2019 and signs of a potential economic slowdown, Comptroller Stringer emphasized the importance of building up the City's budget reserves and finding savings in his testimony before the City Council Committee on Finance's hearing on the Fiscal Year 2017 Executive Bbudget gap in FY 2019 and signs of a potential economic slowdown, Comptroller Stringer emphasized the importance of building up the City's budget reserves and finding savings in his testimony before the City Council Committee on Finance's hearing on the Fiscal Year 2017 Executive Bbudget reserves and finding savings in his testimony before the City Council Committee on Finance's hearing on the Fiscal Year 2017 Executive BudgetBudget.

De Blasio said the city could theoretically dip into its roughly $ 5 billion worth of reserves, which is a record high amount, in the event of federal budget cuts, but City Council fInance chair Julissa Ferreras - Copeland expressed concern that the city's savings would not be enocity could theoretically dip into its roughly $ 5 billion worth of reserves, which is a record high amount, in the event of federal budget cuts, but City Council fInance chair Julissa Ferreras - Copeland expressed concern that the city's savings would not be enoCity Council fInance chair Julissa Ferreras - Copeland expressed concern that the city's savings would not be enocity's savings would not be enough.

Peters said Cuomo's budget provides an overall increase of state aid to the city of $ 500 million, and he notes the city has $ 8 billion in reserves.

De Blasio said the city's reserves are robust by historical standards, but the naysayers noted that in the context of the city's $ 89 billion budget, they are not.

Budget watchdogs and rating agencies do agree that this administration has been fiscally responsible in its spending but many have called on the city to boost these reserves to insulate against a widely forecasted economic downturn.

The city reserves stand at $ 3.9 billion, with $ 250 million added to the Retiree Health Benefits Trust fund before the final budget agreement.

However, there are some concerns from within and outside the Council that the city budget is growing too quickly and that there is not enough being put aside in reserves, though rainy day funds are at their highest levels ever.

In the city budget, savings came from removing more than $ 900 million reserved from Mayor Michael Bloomberg's original spending plan for teacher salary raises of 4 percent.

It doesn't pair its higher outlays with «any additional increase» in city reserves, and it grows the gaps in future budgets.

The $ 84.67 billion city budget that de Blasio introduced Tuesday did not have any «Trump - specific adjustments» but the city prepared for the possibility of losing federal funds by bolstering its reserves to more than $ 5 billion, the highest amount ever.

Voccio explained this year's city budget includes an estimated $ 11 million of previous casino payments that were available in reserves.

Mayor Bill de Blasio and City Council Speaker Melissa Mark - Viverito announced a $ 82.1 billion budget agreement for Fiscal Year 2017 at City Hall Wednesday afternoon, putting millions of additional dollars towards summer youth jobs, libraries and seniors while securing more money for the city's reserve fund and the citywide savings progCity Council Speaker Melissa Mark - Viverito announced a $ 82.1 billion budget agreement for Fiscal Year 2017 at City Hall Wednesday afternoon, putting millions of additional dollars towards summer youth jobs, libraries and seniors while securing more money for the city's reserve fund and the citywide savings progCity Hall Wednesday afternoon, putting millions of additional dollars towards summer youth jobs, libraries and seniors while securing more money for the city's reserve fund and the citywide savings progcity's reserve fund and the citywide savings program.

Schroeder worried that similar budgeting practices have depleted the city's reserves.

The City Council is in the midst of weeks of hearings on de Blasio's executive budget, while Johnson and others continue to push their top priorities — the property tax rebate, reduced price MetroCards for people living in poverty, and an added $ 500 million into reserves — for inclusion in the adopted budget, which the two sides must agree on by the July 1 start to the new fiscal year.

City Comptroller Scott Stringer, in a statement, commended the mayor's executive budget for «enhancing our ability to weather unforeseen future challenges,» through new agency savings and boosted city reserCity Comptroller Scott Stringer, in a statement, commended the mayor's executive budget for «enhancing our ability to weather unforeseen future challenges,» through new agency savings and boosted city resercity reserves.

The city's 2016 - 17 budget — that includes up to $ 706 million in spending — shows the city would be projected to use $ 12.1 million from reserves to balance the budget, meaning the city incurs a $ 12.1 million budget deficit.

But despite the city's wariness about potential risks to the city's budget, de Blasio's spending plan does not increase the amount of money the city is setting aside in its reserves, funds set aside in the event of worst case budget scenarios.

Her 2015 - 16 budget anticipates a $ 9.2 million deficit, which will have to be paid for out of cash reserves unless city officials can cut costs during the year.

Preliminary budget estimates put city reserves at $ 6.6 billion, compared to the $ 11 billion before the Great Recession ($ 7 billion was used to pull the city out of that downturn.)

Both Comptroller Scott Stringer and Ronnie Lowenstein, director of the Independent Budget Office (IBO), testified that the city's reserves are insufficient to weather an economic downturn and called for a more robust savings program to boost reserves.

As mayor, my immediate priority would be to use $ 15 million to help balance the proposed 2017 - 18 city budget, which currently draws down $ 18 million from our fund balance reserves (rainy day fund).