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DOCUMENT BISUME)
02490 - CA1792827] ({e-t%=I
[New York City's Financial Situation]. GGD-77-61; D-185522. June
13, 1977. 7 pp. + 3 enclosures (3 pp.).
Report to Rep. William S. Moorhead, Chairman, Rouse Committee on
Banking, Finance and Urban Affairs: Economic Stabilization
Subcommittee; by Elmer B. Staats, Comptroller General.
Issue Area: Xccounting and Financial Reporting (2800).
Contact: General Government Div.
Budget Function: Revenue Sharinq and General Purpose Fiscal
Assistance (850).
Congressional Relevance: Hfl- .'ommittee on Banking, Finance and
Urban Affairs: Economi-. tabilization Subccmmittee.
The proposed $1.3 billion increase in New York City's
1978 budget level runs counter to planned reductions in
spending. Findings/Conclusions: The major increase in
expenditures (about $1 billion) was made possible by increases
in Federal and State aid. This change was not fully analyzed
because: the city estimates in the 1978 plan were not as
detailed as those in its executivq budget; changes were made in
the accounting system; and the modified plan did not specify how
the projected budget gap of $433 million in 1978 would be
eliminated. Despite these difficulties, the major revenue and
eypense variances were identified and were confirmed with the
city's Office of :,anagement and Budget. (DJm)](ViewImageLocal?handle=hein.gao/gaobaacjb0001&div=1&collection=&method=preview&ext=.png&size=3)