NYCHA Adopts Budget Plan to Eliminate Deficit, Preserve Housing

摘要

The New York City Housing Authority (NYCHA) has adopted a balanced budget plan to eliminate growing annual deficits, estimated at $168 million in fiscal 2006, and to restructure expenditures to preserve the long-term viability of the city's public housing. NYCHA's expenses have outpaced revenues due to double-digit increases for pensions, health insurance, utilities, and other categories of non-discretionary spending, which makes up 42 percent of the 2006 budget. The housing authority used its reserves to fund more than $414.4 million in losses from 2001 through 2005, but would only be able to draw on reserves for two more years. If no action is taken, deficits would range from $149 million to $155 million for fiscal years 2007 through 2009. (NYCHA's fiscal year begins in January.)