Summary: The Long-Term Fiscal Outlook for New York City
PAD-77-1A
Published: Apr 04, 1977. Publicly Released: Apr 04, 1977.
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Highlights
In early 1975, budgetary crisis necessitated both state and federal intervention to maintain New York City's financial operations. An Emergency Financial Control Board was created, giving the state an active role in city affairs, and federal loans of $2.3 billion were authorized.
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BankruptcyBudgetsEconomic analysisEconomic policiesFederal aid programsFederal aid to citiesFinancial managementIntergovernmental fiscal relationsMunicipal budgetslocal relations