Reported about 5 hours ago
New York City's financial outlook is worsening, with projections indicating a drop in the operating surplus to 4.8% of tax revenue by June 30, the lowest since 2014. The city's Independent Budget Office reports a projected $3.8 billion surplus for fiscal 2025, down from $6.1 billion in 2022, amidst looming federal funding cuts and increased borrowing costs. This decline in surplus, exacerbated by rising financial uncertainties and risky budgeting practices, threatens the city's long-term fiscal stability.
Source: YAHOO