CONSULTING
Analysis. Applied. Impactful.
NEW JERSEY'S FISCAL CLIFF EXPLAINED
Prepared for the Garden State Initiative, this report documents how New Jersey has significantly increased taxes and spending since 2018. The result is that the state remains one of the most expensive to live and do business, and faces significant tax increases in the absence of bold actions and reforms. The report offers recommendations to make New Jersey more affordable for residents and businesses so that the state can reverse its current course of losing residents and economic activity.
REVENUE AT RISK: LONG-TERM STRATEGIES TO BOLSTER NYC’S BUDGET AGAINST POTENTIAL CUTS IN US AND STATE AID.
Prepared for the Volcker Alliance, this issue paper focuses on how New York City should prepare its budget to withstand potential reductions in intergovernmental funds, with federal State and Local Fiscal Recovery Fund aid scheduled to end on December 31, 2026. The city's operating budget proportionally relies on federal and state grants significantly more than other large metropolitan areas. The paper outlines a four-point plan to reduce the city's risk of reliance on such intergovernmental funds and strengthen the long-term sustainability of the budget, including identifying efficiency savings and adopting best practices for managing New York's new rainy day fund.
TOWARD A FISCALLY SUSTAINABLE NEW JERSEY: ANALYSIS & RECOMMENDATIONS.
Prepared for the Garden State Initiative, this report examines the lack of progress that has been made in addressing New Jersey’s long-term fiscal crisis outlined in the 2012 State Budget Crisis Task Force analysis by Paul Volcker and Richard Ravitch. This new report discusses how to change the state’s fiscal course post-pandemic by implementing the kind of bold reforms and measures that can ensure a strong and fiscally sustainable economic future for its citizens and businesses.
TO WEATHER A STORM: CREATE A NYC RAINY DAY FUND
Prepared for the Citizens Budget Commission, this report called for the creation of a rainy day fund for New York City. The report analyzed the need for such a fund, how current budget techniques were insufficient to handle a significant recession, and mechanisms that should be included to prevent its misuse. This report led, in part, to the City implementing a rainy day fund following voter approval in 2020.
PRACTICAL POLICY IN CHALLENGING CIRCUMSTANCES: HOW NYS AND NYC SHOULD RESPOND TO THE TAX CUTS AND JOBS ACT.
Prepared for the Citizens Budget Commission, this report was published in the wake of the Tax Cuts and Jobs Act (TCJA) in 2018. The report analyzes how the proposed changes were likely to affect New York taxpayers and public budgets as a result. The analysis includes policies that the state and city might pursue to mitigate the negative effects of the law on taxpayers.
THE PRICE OF PROMISES MADE: WHAT NEW YORK CITY SHOULD DO ABOUT ITS $95 BILLION OPEB DEBT
Prepared for the Citizens Budget Commission, this report focuses on the state of retiree health insurance liabilities for New York City. The analysis describes the history and scope of the problem, and proposes policies to change the current trajectory of these liabilities.