Reports

The Metropolitan Transportation Authority (MTA) is constructing one of the largest and most complex public works projects in the country, East Side Access (ESA).

Cash bonuses paid to New York City securities industry employees are forecast to rise by 8 percent to $20 billion during this year’s bonus season.

On November 9, 2012, Mayor Bloomberg revised New York City’s four-year financial plan (the “November Plan”) to reflect a delay in the planned sale of additional taxi medallions caused by legal challenges. Previously, the City’s financial plan had counted on the receipt of $635 million from the sale in FY 2013, and a total of $1.5 billion over three years. The City no longer anticipates the receipt of any sale proceeds in the current fiscal year, and now expects to realize $1.5 billion during fiscal years 2014 through 2016.

Five years after the beginning of the financial crisis, the securities industry remains in transition. The industry is still working through the fallout from the financial crisis and many business patterns and practices are changing as a result of regulatory, technological and economic factors.

On July 25, 2012, the Metropolitan Transportation Authority (MTA) released a revised four-year financial plan (“the July Plan”). A review finds that the MTA’s finances have improved appreciably over the past two years.

Since the 1970s, farmers’ markets have multiplied and become more popular in New York City and throughout New York State as the locally grown food movement has gained momentum.

The greater downtown Brooklyn area is home to world-class arts and cultural organizations, such as the Brooklyn Academy of Music (BAM).

The greater downtown Brooklyn area is the civic center of Brooklyn and includes the largest business district in New York City outside of Manhattan.

One year ago, New York City projected a budget gap of $4.6 billion for FY 2013 and out-year gaps that reached $4.9 billion. Since then, the City has successfully closed the FY 2013 budget gap and narrowed the FY 2014 budget gap to $2.5 billion without raising taxes or cutting basic services. Most of the improvement, however, has not come from higher revenue forecasts, but from drawing down reserves and other nonrecurring resources.

Nearly one year ago, New York City adopted a balanced budget for FY 2012, but projected a budget gap of $4.6 billion for FY 2013, and even larger gaps for subsequent years. On May 3, 2012, the Mayor issued his executive budget for FY 2013 and an associated four-year financial plan (the “May Plan”). The City now projects a modest surplus for FY 2012, a balanced budget for FY 2013, and out-year budget gaps that average $3.3 billion.

This is the eighth in a series of reports on the progress of the capital security program of the Metropolitan Transportation Authority (MTA).

In June 2011, New York City projected a balanced budget for FY 2012 but a large budget gap of $4.6 billion in FY 2013, and even larger gaps in subsequent years. On February 2, 2012, the City issued a revised financial plan (the “February Plan”). The City has closed the FY 2013 budget gap and narrowed the outyear gaps to $3 billion in FY 2014 and about $3.5 billion in subsequent years. Most of the improvement comes from freeing up reserves (nearly $5 billion), proceeds from the anticipated sale of taxi medallions ($1 billion) and savings from agency actions.

Cash bonuses paid to New York City securities industry employees are forecast to decline by 14 percent to $19.7 billion during this year’s bonus season.

On November 18, 2011, New York City issued a revised financial plan covering fiscal years 2012 through 2015 (the “November Plan”). Mostly as a result of unplanned spending in the uniformed agencies, the out-year budget gaps have grown by half a billion dollars to $5 billion in FY 2013 and about $5.5 billion in both FY 2014 and FY 2015.

New York City’s tradition as a melting pot of cultures is vividly on display in the Queens neighborhoods of Corona, Elmhurst, East Elmhurst and Jackson Heights. These neighborhoods, which are located in northwestern Queens, have the highest concentration of immigrants in New York City.

Wall Street recovered quickly from historic losses in 2007 and 2008 (greatly aided by the intervention of the federal government), but it still faces significant challenges.

The neighborhood of Flushing, located in northcentral Queens, has a rich history steeped in religious tolerance and cultural diversity. Founded in 1645, Flushing was the first permanent settlement in Queens.

Chinese | Korean

The recession greatly weakened the finances of the Metropolitan Transportation Authority (MTA), and for nearly two years the MTA has been attempting to stabilize its finances by reducing waste, cutting services, and raising fares and tolls.

On June 29, 2011, New York City adopted a $65.9 billion budget ($46.5 billion in City funds) for FY 2012, which began on July 1, 2011. While the budget is balanced, it relies on $5.1 billion in nonrecurring resources, including the FY 2011 surplus and a drawdown from the Retiree Health Benefits Trust. These resources will have to be replaced in subsequent years, and even though the City’s economy is slowly improving, the June 2011 financial plan (the “June Plan”) projects budget gaps that average $4.8 billion during fiscal years 2013 through 2015.

Coney Island and Brighton Beach are located on a peninsula in southern Brooklyn, along the Atlantic Ocean. The oceanfront location, along with access to mass transit, helped shape the development of these neighborhoods, which became a summer resort and home to the country’s oldest amusement area.