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Budget Notes

Tax-revenue collections for the first half of FY 02, after adjusting for delayed property-tax payments, were lower than tax revenues for the same period in FY 01, but above the December Plan.
Major miscellaneous revenue collections were below FY 01 levels, but ahead of Plan.
As of December 31, 2001, the City had 2,610 fewer employees than planned and 3,172 fewer than at the end of 2000, which could potentially save the City up to $90 million in FY 02.
Overtime spending in the first half of FY 02 was 98.9 percent above the same period in FY 01. When adjusted for the overtime spending related to the attack on the World Trade Center, overtime in the first half of FY 02 was 5.3 percent higher than the same period in FY 01.
Judgments and claims expenditures for the first half of FY 02 are on pace with FY 01.
The public-assistance caseload declined to 462,595 recipients in December, down 34,518 recipients from June 2001.
The Board of Education projects a budget gap of $137 million in FY 02, and expects to cut spending by $600 million in FY 03.
Lower interest rates may save the City up to $49 million on servicing its outstanding Variable Rate Demand Bonds.
Continued stock-market weakness may raise the City’s pension expenditures.
As a result of higher-than-projected revenues, the City updated the December 4 Financial Plan ("December Plan") on December 31, 2001, raising the projected FY 02 surplus from $375 million to $697 million and reducing out-year budget gaps by $618 million.

Tax revenues for the first quarter of FY 02 were $198 million below the June Plan and 3.7 percent below tax revenues for the same period in FY 01, largely the result of postponement of payments following the September 11 attack on the World Trade Center and delayed mail delivery.
Major miscellaneous-revenue collections were $40.4 million below Plan estimate, largely because of lower collections of $9 million from parking-violation fines and $5 million for parking-meter fines.
At the end of September 2001, the City had 1,266 more employees than at the same date in 2000.
Overtime spending in the first quarter of FY 02 was $205.7 million, 27 percent above the same period in FY 01. However, $43.1 million of the spending in the first quarter was directly related to the attack on the World Trade Center.
The public-assistance caseload declined to 463,603 recipients, 33,510 below June 2001.
The Board of Education projects a deficit of $542 million.
Between July 1, 2001 and September 30, 2001, the City’s pension-fund investments lost 9.4 percent of their value.
The City will realize savings of $22 million in FY 02 from lower interest costs on General Obligation Revenue Anticipation Notes.