Balancing Act Grows Difficult As N.Y.C Budget Negotiations Near

March 2005
Bond Buyer;3/24/2005, Vol. 351 Issue 32097, p40
Trade Publication
The article reports that New York City faces a difficult balancing act as officials prepare for budget negotiations in April 2005, mindful of the rising cost of debt service and the need to make massive infrastructure improvements. Under the 10-year capital plan unveiled by Mayor Michael R. Bloomberg in January 2005, debt service as a percentage of tax revenues is expected to rise to 17.4% by fiscal 2009, compared with just over 14% in fiscal 2005. When Bloomberg released his preliminary capital and operating budgets, he said the city has very few options for curbing rapid growth in spending for Medicaid and pensions.


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