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B-185522 1 (1979-01-18)

handle is hein.gao/gaobabjlw0001 and id is 1 raw text is: o(W/ COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON, D.C. 20548 B-185522 Janu-nry 1, 1979 The Honorable W. Michael Blumenthal PC 5 The Secretary of the Treasury Dear Mr. Secretary: As you know, New York City is facing the potential of large operating deficits in fiscal years 1980, 1981, and 1982. The most recent plan approved by the Financial Control Board projects a revenue/expenditure gap in 1982 of over $1 billion, which is a con- servative estimate as it does not allow for any wage increases over present levels. The City plans to close these gaps and balance its annual budgets through a series of Federal, State, and City actions involving both revenue increases and expenditure cuts, but State officials have raised auestions as to the achievability of some of these actions. The current situation is similar to the one the City faced in late 1975, at the beginning of its first financial plan. At that time, City and State officials agreed that the best approach to balancing the budget was to list in detail all the required gap closing measures, and then to devise a monitoring system which would permit the Control Board and other interested parties to track the City's progress. The monitoring system that was designed was relatively simple to use. A series of milestone target dates was established. Whenever those dates were not met, it was obvious that other action would be required if the desired results were to be achieved on schedule. For example, in one of its early savings programs the City planned to increase revenue from its midtown tow-away program by.$1 million. Contracts had to be signed with private tow truck operators by the end of March 1976. To meet that date the contracts had to be pre- pared by January 14th and ready for approval by the City's attorneys, the' Comptroller's office, the Emergencv Financial Control Board, and others at var ous dates during February and arch. If any of those interim date were missed, the savings proj! tion would be jeopardized and another ction might be recruired, such s compressing the re- maining date or possibly substituting anot er savings program.

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