Find the Financial Plan for New York City from the Adopted Budget for FY 2024 issued...

  

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Find the Financial Plan for New York City from the Adopted Budget for FY 2024 issued in June 2023 Use the table for their five-year outlook to: 1. Create a spreadsheet showing: (10 points) Total city funds projected each year for 2023-2027 Summary of other revenues for each year ■ Total revenues projected for each year Percentage of total revenues derived from city funds 2. Graph the information above (8 points) 3. Write two sentences to describe the data (8 points) 4. Does New York City's financial plan assume that revenues will be sufficient to cover expenditures in all years? (4 points) June 2023 REVENUES Taxes General Property Tax Other Taxes Tax Audit Revenue Subtotal: Taxes Miscellaneous Revenues Unrestricted Intergovernmental Aid Less: Intra-City Revenue Disallowances Against Categorical Grants Subtotal: City Funds Other Categorical Grants Inter-Fund Revenues Federal Categorical Grants State Categorical Grants Total Revenues EXPENDITURES Personal Service Salaries and Wages Pensions Fringe Benefits Subtotal: Personal Service Other Than Personal Service Medical Assistance Public Assistance All Other 1 2 1,2 Gap To Be Closed Five Year Financial Plan Revenues and Expenditures ($ in millions) Debt Service FY 2022 Budget Stabilization and Discretionary Transfers FY 2023 Budget Stabilization and Discretionary Transfers Capital Stabilization Reserve General Reserve Less: Intra-City Expenses Total Expenditures Subtotal: Other Than Personal Service 1,2 $ $ $ 11,923 17,997 $ 110,829 $ $ FY 2023 33,307 $ 9,109 12,273 $ 54,689 $ $ $ 31,482 $ 32,569 $ 40,196 37,849 721 1,300 72,978 $ 8,459 297 (2,407) (15) 79,312 $ 902 695 6,261 1,963 43,455 51,679 $ 7,483 (6,114) 5,479 FY 2024 20 (2,407) 71,139 $ 7,808 (1,990) (15) 76,942 $ 1,082 720 10,320 18,051 107,115 $ 32,998 $ 9,642 13,327 55,967 $ 6,780 1,650 40,997 49,427 $ 7,740 (5,479) 250 1,200 (1,990) 110,829 $ 107,115 $ FY 2025 32,232 $ 39,881 721 72,834 $ 7,618 (1,980) (15) 78,457 $ 1,075 725 7,816 17,714 105,787 $ 33,746 $ 10,423 14,173 58,342 $ 6,599 1,650 36,566 44,815 $ 8,239 250 1,200 (1,980) 110,866 $ (5,079) $ FY 2026 32,501 $ 41,250 721 74,472 $ 7,557 (1,983) (15) 80,031 1,071 732 7,054 17,477 106,365 $ $ 35,144 $ 10,885 14,947 60,976 $ 6,728 1,650 35,373 43,751 $ 9,007 250 1,200 (1,983) 113,201 $ (6,836) $ FY 2027 Fiscal Year 2022 Budget Stabilization and Discretionary Transfers total $6.114 billion, including GO of $3.318 billion, TFA-FTS of $1.964 billion, lease debt service of $40 million and Retiree Health Benefits of $792 million. Fiscal Year 2023 Budget Stabilization and Discretionary Transfers total $5.479 billion, including GO of $2.812 billion, TFA-FTS of $2.167 billion, and Retiree Health Benefits of $500 million. 33,108 43,092 721 76,921 7,513 (1,980) (15) 82,439 1,070 732 7,027 17,540 108,808 36,364 11,067 15,563 62,994 6,878 2,000 35,668 44,546 9,698 250 1,200 (1,980) 116,708 (7,900) Find the Financial Plan for New York City from the Adopted Budget for FY 2024 issued in June 2023 Use the table for their five-year outlook to: 1. Create a spreadsheet showing: (10 points) Total city funds projected each year for 2023-2027 Summary of other revenues for each year ■ Total revenues projected for each year Percentage of total revenues derived from city funds 2. Graph the information above (8 points) 3. Write two sentences to describe the data (8 points) 4. Does New York City's financial plan assume that revenues will be sufficient to cover expenditures in all years? (4 points) June 2023 REVENUES Taxes General Property Tax Other Taxes Tax Audit Revenue Subtotal: Taxes Miscellaneous Revenues Unrestricted Intergovernmental Aid Less: Intra-City Revenue Disallowances Against Categorical Grants Subtotal: City Funds Other Categorical Grants Inter-Fund Revenues Federal Categorical Grants State Categorical Grants Total Revenues EXPENDITURES Personal Service Salaries and Wages Pensions Fringe Benefits Subtotal: Personal Service Other Than Personal Service Medical Assistance Public Assistance All Other 1 2 1,2 Gap To Be Closed Five Year Financial Plan Revenues and Expenditures ($ in millions) Debt Service FY 2022 Budget Stabilization and Discretionary Transfers FY 2023 Budget Stabilization and Discretionary Transfers Capital Stabilization Reserve General Reserve Less: Intra-City Expenses Total Expenditures Subtotal: Other Than Personal Service 1,2 $ $ $ 11,923 17,997 $ 110,829 $ $ FY 2023 33,307 $ 9,109 12,273 $ 54,689 $ $ $ 31,482 $ 32,569 $ 40,196 37,849 721 1,300 72,978 $ 8,459 297 (2,407) (15) 79,312 $ 902 695 6,261 1,963 43,455 51,679 $ 7,483 (6,114) 5,479 FY 2024 20 (2,407) 71,139 $ 7,808 (1,990) (15) 76,942 $ 1,082 720 10,320 18,051 107,115 $ 32,998 $ 9,642 13,327 55,967 $ 6,780 1,650 40,997 49,427 $ 7,740 (5,479) 250 1,200 (1,990) 110,829 $ 107,115 $ FY 2025 32,232 $ 39,881 721 72,834 $ 7,618 (1,980) (15) 78,457 $ 1,075 725 7,816 17,714 105,787 $ 33,746 $ 10,423 14,173 58,342 $ 6,599 1,650 36,566 44,815 $ 8,239 250 1,200 (1,980) 110,866 $ (5,079) $ FY 2026 32,501 $ 41,250 721 74,472 $ 7,557 (1,983) (15) 80,031 1,071 732 7,054 17,477 106,365 $ $ 35,144 $ 10,885 14,947 60,976 $ 6,728 1,650 35,373 43,751 $ 9,007 250 1,200 (1,983) 113,201 $ (6,836) $ FY 2027 Fiscal Year 2022 Budget Stabilization and Discretionary Transfers total $6.114 billion, including GO of $3.318 billion, TFA-FTS of $1.964 billion, lease debt service of $40 million and Retiree Health Benefits of $792 million. Fiscal Year 2023 Budget Stabilization and Discretionary Transfers total $5.479 billion, including GO of $2.812 billion, TFA-FTS of $2.167 billion, and Retiree Health Benefits of $500 million. 33,108 43,092 721 76,921 7,513 (1,980) (15) 82,439 1,070 732 7,027 17,540 108,808 36,364 11,067 15,563 62,994 6,878 2,000 35,668 44,546 9,698 250 1,200 (1,980) 116,708 (7,900)