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Controller: mayor—s revenue estimates reasonable but exposed to FEMA, hospitality and telecommuting risks
Summary
The controller—s office found the mayor—s revenue assumptions reasonable but warned the budget depends on $430M in FEMA reimbursements and $625M in one-time federal stimulus; slower hospitality rebound or persistent telecommuting could widen future shortfalls.
Ben Rosenfield and Carol Lou of the Controller's Office presented the annual revenue letter and five-year forecast, telling the Budget & Appropriations Committee that the revenue assumptions in the mayor—s proposed budget are reasonable but subject to elevated risk.
The controller highlighted three main risks: (1) FEMA reimbursements (the budget assumes roughly $430 million; the office has submitted claims but as of the…
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