City of New York, NY

The plunge of the financial markets amid COVID-19 stands to push up pension costs — and budget strain — for the city.

Nicole Gelinas from the Manhattan Institute discusses the economic blows to New York City and the MTA from the pandemic, and options available. Paul Burton hosts the program, recorded one week ago.

The Citizens Budget Commission is calling for far larger cost cutting and predicts that New York City could see $20 billion of lost revenues over three fiscal years.

The rating agency, citing severe ridership drops from COVID-19, dropped its rating to A-minus from A. It assigns a negative outlook.

Despite rising 3% in 2019, DiNapoli expects bonuses to drop this year.

The mayor cited COVID-19 as a spending priority while cases in his city represent more than one-third of the nation's total.

The comptroller called for passage of a federal rescue bill and measures to shore up the city budget.

The authority, which tapped its $1 billion credit line and received a warning shot from Moody's, says COVID-19 is a disaster that requires a national response.

If the Federal government doesn't help, the $12 billion plan could be funded by the city selling "relief bonds."

"I think it's way too early to determine how we're going to adjust the budget," the mayor said.

The municipal finance industry is dealing with minute-by-minute news of state-wide school closures, shuttered restaurants, curfews and canceled events. New issues are increasingly being put on the day-to-day calendar.

The comptroller, citing projected losses in entertainment and tourism while the city is virtually closed, called for a savings target of 4% of tax levy-funded agency spending.

How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread.

Chairman Patrick Foye says that the outbreak has no material effect for now, and the authority promises to continue timely disclosure.

Ramifications extend well beyond the three-level Brooklyn-Queens Expressway structure that is one of the most reviled pieces of city infrastructure.

It was a busy day in the primary, as the markets continue to deal with crosscurrents of COVID-19 and election results.

Looming state budget cuts combined with the COVID-19 threat could have a negative impact on NYC's economy.

Issuers tapping the market in uncertain times, but with certainty of low rates.

With each passing day, fears surrounding COVID-19 elevate as the equity sell-off pressed on. The biggest winners have and will continue to be muni issuers, as they are selling into a record low rate market.

New York State Comptroller Tom DiNapoli credits a data-driven platform with salvaging billions in revenue.