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Building Congress Issues Statement on Capital Spending in New York City

Table of Contents
Building Community Salutes Industry Giants
Building Foundation Honors the Memory of 166 Industry Members Lost on September 11, 2001
Senator Clinton Envisions Large Role for Building Community
Construction Levels Remain Steady Though Outlook Cloudy
Charles H. Thornton Receives Hoover Medal
Building Congress Issues Statement on Capital Spending in New York City
The Building Congress Board of Directors recently approved a statement that encourages continuing – and strategically increasing – capital investments in the City over the next several years. The statement is meant to encourage officials in all levels of government, who are faced with budget deficits and the need to reduce spending, to preserve funding for capital programs essential to the City’s recovery and economic development.

Capital spending in New York City is not keeping pace with overall maintenance needs and certainly does not come close to meeting the City’s requirements for future growth. If capital spending is reduced proportionate to overall operating budget cuts, New York faces a bleak future.

The urgency of the current fiscal situation requires new sources of financing, particularly dedicated taxes and user fees. This is the time to consider comprehensive new financing strategies, not drastic cuts in essential infrastructure programs. The statement urges the Mayor, State Legislature, the City Council and the major agencies involved to evaluate the current capital planning and budgeting programs in the City and recommends:

  • clarifying New York City’s overall capital needs;
  • building public support;
  • developing innovative capital financing; and,
  • stressing leadership accountability.

The statement concludes by urging lawmakers not to repeat the folly of the 1970’s when virtually all capital spending was eliminated and the City paid a heavy price for it. The answer is greater public understanding of the City’s real capital needs coupled with innovative strategies to fund them. With that approach, the City of New York will be able to invest for future generations. There is really no other choice.

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