New York City's Financial Situation
GGD-77-61: Published: Jun 13, 1977. Publicly Released: Jun 13, 1977.
- Full Report:
The proposed $1.3 billion increase in New York City's 1978 budget level runs counter to planned reductions in spending.
The major increase in expenditures (about $1 billion) was made possible by increases in Federal and State aid. This change was not fully analyzed because: the city estimates in the 1978 plan were not as detailed as those in its executive budget; changes were made in the accounting system; and the modified plan did not specify how the projected budget gap of $433 million in 1978 would be eliminated. Despite these difficulties, the major revenue and expense variances were identified and were confirmed with the city's Office of Management and Budget.