Assessment of New York City's Performance and Prospects Under Its 3-Year Emergency Financial Plan
GGD-77-40: Published: Apr 4, 1977. Publicly Released: Apr 4, 1977.
- Full Report:
Although New York City has made progress toward the financial and budgetary goals it must meet by June 30, 1978, uncertainties exist which indicate it may fall short of its target. The outlook points to a continuing crisis for years to come.
It is clear that the city will require substantial short- and long-term financing after the plan period. Should the city be unable to meet its total financing needs in the private market, it will likely seek federal assistance in the form of direct federal loans, loan guarantees, or a combination of the two. Congress could provide for short-term financing by either extending existing legislation along with the terms and conditions associated with the present program or by enacting a loan guarantee program.