A balanced budget means minimization of your debt service.
If NY has a 1B dollar budget. Receives 1B in revenue and pays 1B in expensives. It has a balanced budget.
It has nothing to do with where or how the money comes in or goes.
Both NY and NY city are required to have a balanced budget legally unlike the federal government. So there would be a problem if it wasn’t balanced.
It is just a fancy way of saying that they don’t have to raise property tax to get enough revenue for expected expenses. Now if those expected expenses exceeds revenue in 2027 is another matter.
If NY has a 1B dollar budget. Receives 1B in revenue and pays 1B in expensives. It has a balanced budget.
It has nothing to do with where or how the money comes in or goes.
Both NY and NY city are required to have a balanced budget legally unlike the federal government. So there would be a problem if it wasn’t balanced.
It is just a fancy way of saying that they don’t have to raise property tax to get enough revenue for expected expenses. Now if those expected expenses exceeds revenue in 2027 is another matter.