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New York Office of the State Comptroller
Lessons from Past Recessions: Borrowing for Operations
The COVID-19 pandemic has created a fiscal emergency for the City of New York, creating significant revenue shortfalls and increased costs associated with managing the public health crisis. Federal relief funding has been inadequate in helping resolve the budget gaps emerging from the fiscal emergency. In response, the City has requested since May that its Transitional Finance Authority (TFA) be provided with authorization by the State Legislature to borrow up to $5 billion to maintain spending and make up for lost revenues not reimbursed by the federal or State government, a practice referred...
New York Office of the State Comptroller
Financial Outlook for the Metropolitan Transportation Authority
The Metropolitan Transportation Authority (MTA) is facing the greatest challenge in its history. On March 1, 2020, New York City reported its first confirmed case of COVID-19, a highly contagious respiratory disease. In the weeks that followed, the caseload grew rapidly in New York City and the downstate region, and the novel coronavirus then spread across the nation. The MTA forecasts budget deficits of $3.4 billion in 2020, $6.3 billion in 2021, $3.8 billion in 2022, $2.8 billion in 2023 and $3.1 billion in 2024. The July Plan’s projected budget gaps are historic in nature. The gap in 2021...