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This is a print on demand edition of a hard to find publication. The MTA has long suffered from a structural imbalance between recurring revenues and expenses. During the last economic expansion, rather than bringing spending in line with recurring resources, the MTA used tax windfalls from the expansion to mask the structural imbalance between recurring revenue and expenses, and to put off needed reforms. The current economic downturn has compounded the MTA¿s financial problems. The MTA¿s July 2010 financial plan shows an operating budget deficit of more than $1 billion for 2011. The budget deficit is expected to more than double by 2014. The MTA has outlined a gap-closing program that begins the process of changing how the MTA conducts business. Charts and tables.
The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2015-16. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives and presents preliminary observations on the long-run sustainability of the public finances. Since the June forecast, the UK economy has recovered more strongly than initially expected. The GDP growth was greater than expected in both the 2nd and 3rd quarters, but that unemployment levels have risen to levels that the June forecast did not anticipate until the middle of 2012. In general the world economy has also grown more strongly. CPI inflation has remained slightly higher than expected in June, whilst public finances have performed as forecast. The interest rates on UK debt are lower than in June. The OBR forecasts that the economy will continue to recover from the recession, but at a slower pace than the recoveries of the 1970s, 1980s and 1990s. The publication is divided into 5 chapters with two annexes.
An expanded and updated edition of the 2002 book that has become required reading for policymakers, students, and active citizens.
In an era of federal deficits and struggling municipalities, states have emerged as the most significant governmental actors. But state governments face the major challenge of fiscal planning in the midst of economic change. Roy Bahl and William Duncombe tackle this challenge head-on. Using New York as a case study, they identify looming dangers for state revenue and expenditure planning.Bahl and Duncombe begin with the premise that one cannot separate an evaluation of fiscal performance from an evaluation of economic performance. Accordingly, they describe and analyze the patterns of population, employment, and personal income growth. Following this is a study of state and local government finances in New York since 1970 and a recounting of the fiscal adjustments that were taken in the face of slower and then faster growth in the economy.The authors conclude that based on current conditions, the state and its local governments are in for fiscal belt-tightening. They note that the state should take a comprehensive view in planning the development and retrenchment of its government sector. The book is thought-provoking, exhaustively researched, and sensibly written. Its lessons are applicable everywhere and should be read by all those seeking a route through the tangled thicket of government policy for economic growth.