Bill de Blasio

While reducing the FY21 spending plan to $87 billion, New York's mayor said he needs $1 billion in labor concessions or the city could lay off up to 22,000 workers.

The deadline to pass the city's fiscal 2021 spending plan is two weeks away and it faces a $9 billion gap.

The New York mayor's move reflects a nationwide response to protesters in the aftermath of the death of George Floyd.

State leaders are reluctant to grant New York City more bond capability, and other city leaders want Bill de Blasio to further reduce his proposed spending plan.

With the latest federal rescue package stalled, New York's mayor has asked state lawmakers to authorize an additional $7 billion in bonding.

The board, a vestige from the 1970s fiscal crisis, is a lingering motive for the city to approve a balanced budget.

Magalie Austin takes over from Jonnell Doris, who was named commissioner for Small Business Services.

Mayor warns about a worsening budget picture amid possible roadblocks to further federal aid and more dire projections from watchdog IBO.

In the wake of the COVID-19 pandemic, the city's budget shrinks by $6 billion.

New York's mayor announced sharp cuts, a draw on reserves and a call for further assistance from Washington.

Negative outlooks trigger questions about other reeling areas in the capital markets crosshairs.

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 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.

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

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.

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

A special commission issued a series of recommendations to simplify a system that provides the city one-third of its revenue. Albany, though, must sign off.