New York City Auditor General: the city receives insufficient funds from the state

Scott Stringer, Chief Auditor of New York, delivered a report last week stating that the metropolis has lost billions of dollars in recent years as a result of cuts in state funding.

Stringer is confident that the city does not receive the money it needs. According to him, we are talking about reducing funding for education, municipal institutions and the overall reduction in state revenue, which are transferred to the city. Such trends have been noted for several years.

“New York is the economic engine of the state, but lately Albany [the state capital] has chosen to forget about that and reduce the city’s share of the budget,” says Stringer.

He also noted that the formation of a new budget is “an excellent chance to correct the current situation and make sure that the city receives what it is fairly entitled to.”

In 2009, 20% of the state budget was used for the needs of the metropolis, but year after year this share decreased, reaching 15% in 2014. In monetary terms, last year, these funds amounted to 10,9 billion dollars, which is 1,2 billion less than in the 2009 year, excluding inflation and changes in the economy.

Over these five years, the city has been losing from 87 to 479 million dollars each year, according to a published report.