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Release: NYSAC, NYCOM urge borrowing authority for NYC and more flexibility for local governments to respond to covid19 economic crisis.
A Statement by NYCOM Executive Director Peter A. Baynes and NYSAC Executive Director Stephen J. Acquario Regarding Efforts to Address Budget Shortfalls

“During these unprecedented times of crisis, combating COVID-19 has tested our local governments and their workforces beyond compare, but they have stepped up and answered the call. However, without aid from Washington and facing 20% cuts from the state, local governments must be given the additional tools necessary to address their budget shortfalls. New York City has asked for the ability to borrow to meet their fiscal gaps, which was granted after the financial calamity that followed 9/11. We need Albany to approve this -- as well as additional requests made by local leaders for budgetary flexibility, program reforms and home rule actions -- if we are going to continue to depend on our municipalities to navigate this unprecedented public health and economic crisis.”


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