NYC Mayor Adams' next budget will include more revenue - and more cuts, say experts
New York City has exceeded expectations in tax revenue and cut migrant costs by 20%. Funding previously slashed from city agencies has been restored.
The exact impact of these developments on the city's next budget is still unclear, but it is expected to show an increase in revenue. Mayor Adams will unveil the budget details on Tuesday. [ more ]
NYC Council, Adams administration battle it out over Big Apple's budget
The city administration and lawmakers in New York City are clashing over the city's budget, with officials claiming the migrant crisis has strained finances while some council members argue that tax revenue is higher than reported.
During an oversight hearing, City Budget Director Jacques Jiha defended the administration's cuts, stating they were necessary due to the cost of housing asylum seekers, while the Council disputed the need for the cuts and suggested the city would collect more taxes than projected. [ more ]
Tax revenue jumps 22% in April. But US deficit still looms large
US Treasury ran a surplus in April due to a 22% increase in tax payments, but is still projected to have a deficit over $1.5 trillion for the year. [ more ]
N.Y.P.D. Will Not Face Budget Cuts After All, Adams Says
New York City is restoring funding to the police department and hiring new recruits after initially announcing a hiring freeze.
The decision to restore funding is due to better-than-anticipated tax revenue and reduced spending on care for migrants, according to Mayor Eric Adams. [ more ]
Opinion: Spenger's parking lot deal shows Berkeley has a leadership crisis
The fate of Berkeley's controversial parking lot was resolved in a complex deal involving $1.5 million from the general fund.
The deal raises questions about the City Council's approach to solving critical city issues and the impact on affordable housing and tax revenue. [ more ]
IRS Estimates $561B Tax Revenue Rise With Crackdown on Corporations and the Rich
The IRS could collect up to $561 billion in additional tax revenue between 2024 and 2034, thanks to increased funding and new initiatives enabled by the 2022 Inflation Reduction Act.
If lawmakers renew and expand the IRA funding, the IRS could collect an additional $851 billion in tax revenue over the next decade.
The increase in funding for the IRS is directly attributed to the $80 billion passed by Democrats, which Republicans opposed. [ more ]
LaFortune: You will likely never see these ads - San Jose Spotlight
San Jose's digital ads were viewed more than 145 million times and received 9 million clicks.
The city uses digital advertising to promote itself as a convention, meetings, and tourism destination to drive tax revenue and fund the Office of Cultural Affairs and general fund. [ more ]