Economists within the Mayor’s Office of Management and Budget (OMB) evaluate tax trends, and analyze economic data, in order to forecast the amount of tax revenue the city will collect on an annual basis. The Mayor and City Council use this revenue assessment to determine the amount of City funds that are available to invest in critical public needs, including public safety, education, social services, and infrastructure projects. Tax revenues are also used to fund reserves that will help the City manage through difficult times.
By properly estimating available resources, the tax revenue forecast allows the city to serve as a good steward of our resources, protect our long-term fiscal health, and better serve New Yorkers across every borough.
You can read OMB’s Tax Revenue Forecasting Documentation Report which is prepared by OMB’s Tax Policy, Revenue Forecasting and Economic Analysis Task Force here.