The city’s fiscal watchdog says New York is getting a raw deal from Albany when it comes to funding.
New York City has lost out on billions of dollars from shrinking aid to localities, education funding and share of state revenues, according to a report Friday from City Comptroller Scott Stringer.
“New York City is the economic engine for the State, but in recent years we have been shortchanged by Albany to the tune of billions,” Stringer said in a statement. “This year’s budget is the opportunity to restore our fair share.”
Since 2009, when state funding for the city was 20% of the budget, the share has steadily decreased, falling to 15% last year.
Money to the city from state revenue was $10.9 billion in the 2014 fiscal year, about $1.2 billion less than funding received in 2009, according to the report. Each year from 2009 to 2014, New York City lost between $87 million and $479 million.
This year, the state is sitting on a $5 billion surplus from settlements reached with banks over misconduct during the 2008 financial crisis. Stringer said that if the city was to get its fair share, it’d receive $2.2 billion, which he suggested should go toward infrastructure spending.
“It is time to do what’s fair,” Stringer said. “When Albany invests in the City’s infrastructure, education and essential services, it benefits all of New York.”
Dani Lever, a spokeswoman for Gov. Andrew Cuomo, said details on his plan for the surplus will be released in the coming days and a final plan will be negotiated during the budget process with the legislature.
