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Budget and Financial Plan

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Budget and Financial Plan

            Budget can be defined as the expense and revenue estimation over a period of time and is usually re-evaluated and compiled on periodic basis. According to the 2020 analysis conducted, some of the places where dollar come from include;

  • Property tax
  • State categorical aid
  • Federal categorical aid
  • Prior year resources
  • Capital IFA
  • Other categorical aid.
  • Other taxes and local revenue.

Although this may be the case, the dollar is distributed in order to ensure that the states are able to benefit. For instance, the dollar goes to; social services, administration of justice, all other agencies, miscellaneous budget, education, higher education, health, fire and environmental protection. After the outbreak of Covid-19 pandemic, NYC have been using millions in order to contain the health situation. This means that they experience less revenue since most people are not able to carry out their business activities. For instance, due to the lockdown, many people were forced to close their businesses leading to poor distribution of money and resources.

In order for NYC government to get more revenue, tax should be increased. The tax should be increased for both government officials and civilians. For example, the more you earn the more tax you pay. This will play a major role since it will not favor one party. By doing this, the government can be able to contain the situation and focus on providing proper health services to all people.

According to the five-year financial theory, it is estimated that taxes, funds and revenues continued to increase from 2019 to 2023. This also led to an increase in the expenditures both for individuals and organizations.

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