Today 11:17 am
Meaning the city gets some more of its own money back.RebelGator » 7 minutes ago » wrote: ↑ Here's your clue....
New York Governor Kathy Hochul announced a $4 billion budget assistance package for New York City to close its projected $5.4 billion fiscal shortfall. The state intervention, widely framed by critics as a "bailout," brought the total pledged state aid to the city to $8 billion over a two-year period. This critical funding enabled newly-elected Democratic Socialist Mayor Zohran Mamdani to unveil a balanced $124.7 billion executive city budget without resorting to threatened property tax hikes or sweeping service cuts.
New York City receives 40.5% of New York State’s total operating expenditures, despite generating nearly 55% of all state revenues.Because of this revenue-to-spending disparity, NYC taxpayers contribute more to the state's coffers than the city receives in state funds, resulting in a net transfer of resources to other regions of the state.