Budget Plans New York City Financial Plan Essay

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Budget Plans

New York City Financial Plan

Are total revenues growing faster or more slowly than expenditures? Show the annual growth rates for revenues and expenditures in a table.

The expenditures and taxes are in sync for the first two years of the table (2012 and 2013) but the expenditures outstrip taxes by about 2500-3000 a year after that, for years 2014, 2015 and 2016. As requested, here are the annual growth rates analyzed

Tax Revenue

Growth %

Expenditures

Growth %

As noted before, the rate of growth from 2012 of 2013 is identical, so the two figures remain in sync. There is a sharp rate of increase in for expenditures in 2014 with a fractional change with revenue. The tax revenues then slows in terms of growth and the tax revenue starts to over-take the rate of growth of expenditures, but only in 2016 and after the tax revenues themselves also slow down a bit.

What is New York City's fastest-growing category of expenditures during the planning period? Justify the answer with examples.

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The fastest growing expenditure is clearly fringe benefits. Pensions goes up slightly but is only 150 higher than the 2012 starting point when it reaches 2016. Medical assistance also edges up but only by about 200 in total over the five years. On the other hand, fringe benefits goes up by 2000, a 10-fold increase (or more ) as compared to the other groups of expenditures.

3) What percentage of New York City revenue comes from the general property tax? How much is this tax growing in each year of the financial….....

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