New York City May Have $2 Billion Surplus At End Of Fiscal Year

From Crains:

The city could end this year with a $2 billion budget surplus, or about $244 million more than Mayor Bill de Blasio has been anticipating, according to an analysis of the mayor’s preliminary budget by the Independent Budget Office released Wednesday.

Assuming most of that surplus is used to pay down next year’s expenses, the IBO predicts that the city will also end next year with a surplus of $1.2 billion.

The IBO warned the 152 open union contracts cloud the city's fiscal future and until those are settled, a complete picture of the city's finances cannot be taken accurately.

Still, it's important to note, New York City is not Detroit no matter how much the concern trolls at the conservative thinktanks or the newspapers want to say it is.