Independent Budget Office estimates of New York City's surpluses over a five-year period exceed those of Mayor Bill de Blasio, the watchdog organization's director said March 4.
Ronnie Lowenstein,
"While the mayor has, of course, presented a balanced budget for next year, our expectation for 2016 is a surplus of $1.3 billion," said Lowenstein. "And we project relatively modest surpluses of more than $300 million in each of the ensuing years."
Several factors, she added, could erode surplus estimates.
One factor is Albany. The level of state education aid and for the city under Gov. Andrew Cuomo's budget plan is uncertain, as is a de Blasio request for $300 million for the New York City Housing Authority.
Other variables, said Lowenstein, are more local.
Mayoral initiatives such as the expansion of ferry service and bus rapid transit are not funded in the current expense budget plan. "It also remains unclear if the mayor's proposal to reform the city's business taxes will in fact be revenue neutral, at least in the early years of the overhaul," she added.
According to Lowenstein, IBO will issue its full report on de Blasio's preliminary budget within several weeks.
