This legislation changes the dates for Charter specified actions which must occur in the budget submission process for Fiscal Year 1998. This bill would extend the date for submission of the proposed Executive Budget and Budget Message to May 8; recommendations by the Borough Presidents regarding the Mayor's proposed Executive Budget to May 19; the report of the Independent Budget Office to May 27; City Council hearing on the Executive Budget would be extended until May 30; and the budget adoption must occur by June 10.
The financial situation faced by New York City in Fiscal Year 1998 is challenging. The policy decisions and budgetary solutions we employ will affect the future economic vitality and stability of our City. Several crucial elements of the budget are not yet in place. For the aforementioned reason, a delay in the budget process is necessary.
I will first turn to the bill's sponsor; next to any other elected official wishing to speak.
There being no one else to be heard, and for the reasons previously stated, I will now sign the bill.