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New York City Project Part 4 - Essay Example

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New York City Fiscal Budget Analysis Name Institution New York City Fiscal Health The financial position of New York City is relatively balanced in supporting the essential operation of the city since the budget allocations to the different departments are optimal…
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New York City Project Part 4
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New York City Project Part 4

Similarly, the economic recovery of the city as reflected by the improved activities at Wall Street would enable the local government in attaining the projected revenue in the budget drawn (Hillman, 2009). Consequently, the ability of the New York City local government to deliver services to the population of the city is strong due to the availability of funds to finance the government operations. Indeed, the economic recovery within the city saw the revenue collection forecast for the fiscal year of 2012 exceeding by $2.4 billions that will be useful in closing the financial gap of 2013 financial year (Bloomberg, 2013). Similarly, the fiscal budget that has been prepared by the local government of New York City allows for future modification on the allocations that have been made to the different departments. This will help the city in avoiding the current shut down crisis that is facing the federal government organs currently. Furthermore, the reducing deficit projection in the budget implies that the financial stability of the firm is strong in allowing the city to deliver it services to the public. This will boost the ability of the New York City local government in meeting it obligations and development objectives. The financial budget for New York for the year covering 2013 financial year has projected deficit of $1.6 billion that is a reduction of $0.4 billions of the previous year deficit projection of $2 billions. The city is projecting to collect revenue of $49.2 billions from the tax and levy fees it charges to business operating in the area against an expenses projection of $50.8 billions for the financial year 2012-2013. Consequently, the municipal government of New York City has come up with a plan of issuing a municipal bond to finance it core development projects for the 2013 financial year. This will help the municipal government of New York City in closing the deficit gap. Similarly, the revenue collection that exceeded the financial forecast of 2012 has been cited as the remedy that will be utilize in closing the deficit gap that is expected in the financial year of 2013. Another strategic measure that has been cited by the local government cabinet in solving the projected deficit is contracting private firms to undertake a number of the government tasks on a long-term basis due to the improving economic environment that will enable the firm to earn high revenues to settle for the contract (Seidman, 2008). The outsourcing mechanism that has been adopted by the municipal government of New York City will help in the necessary services to the public even with the limited financial resources been projected in the budget. One of the measures that should be undertaken by the New York City municipal government to reduce the budget deficit it is facing is to downsize the number of workers (Anderson, 2011). The recurrent expenditure of the city government is biggest proportion in the budget allocation. This implies that the city government is facing unsustainable labor force that is straining it financial resources. Thus, the government should eliminate some traditional job classifications that have been overtaken by adoption of information and technology platform with the various department of the government (Titos, Makondo, & Nsingo, 2010). This will help the municipal government of New York City to reduce the current budget deficit it is facing. The trend of the New York City budget over the last five years ... Read More
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