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You have been hired as a team of consultants to work with the City of New York. Your contract comes during the Citys Budget preparation
- You have been hired as a team of consultants to work with the City of New York.
- Your contract comes during the Citys Budget preparation process for the Fiscal Year 2022.
- The Preliminary Budget for 2022 is $92.28 billion, and the City is expecting $5.25 billion budget gap.
- As we are still in the middle of a pandemic which has caused an economic collapse with federal aid not forthcoming from Washington, DC, and the risk of State cuts, you are tasked with achieving a 20% PEG (program to eliminate the gap).
- Based on your knowledge in budgeting, and considering the probable slower economic growth, your team should advise the Mayor and the City Council, on how to eliminate or at least reduce the budget gap for the Fiscal Year 2022.
- What is the first thing you would cut? Layoffs should be a last resort. How does the political landscape impact your decision?
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