Fiscal Intelligence

Fiscal analysis that enables educators, small business owners, and community organizers to make informed decisions.

AN UPDATE ON THE COMPETITIVENESS of PUERTO RICO’S ECONOMY

Economic activity in Puerto Rico remains generally flat at a depressed level and there are no strong signs that a meaningful recovery is taking hold. While Puerto Rico’s economy has historically paralleled the U.S. mainland economy, the Island’s latest downturn started earlier and was much steeper and more prolonged. Puerto Rico has now been in a slump since 2006.

The Krueger Report on PR Debt

NYC _ Budget and Financial Plan Through 2019

Weathering Volatility

Income and consumption changes did not move in tandem; there was only a slightly positive correlation between changes in income and changes in consumption between 2013 and 2014.

Charter School Audit Guide 2015

Government Auditing Standards for Deficiencies in Internal Control – 7.19 states “…When auditors detect deficiencies in internal control that are not significant to the objectives of the audit but warrant the attention of those charged with governance, they should include those deficiencies either in the report or communicate those deficiencies in writing to audited entity officials. Auditors should refer to that written communication in the audit report if the written communication is separate from the audit report. When auditors detect deficiencies that do warrant the attention of those charged with governance, the determination of whether and how to communicate such deficiencies to audited entity officials is a matter of professional judgment.”

Taxes and Benefits: The Parties’ Plans

NYC Comptroller’s Office: Annual Summary Contracts Report for Fiscal Year 2014 – Annual Report

The New York City Charter (“Charter”) requires that all contracts and agreements entered into by City agencies be registered by the Comptroller prior to implementation. This requirement also extends to all agreements memorializing the terms of franchises, revocable consents or concessions. The Comptroller’s Office is charged with a number of Charter-mandated responsibilities intended to safeguard the City’s financial health, including contract registration.

Who Pays?

“The lower one’s income, the higher one’s overall effective state and local tax rate. Combining all state and local income, property, sales and excise taxes that Americans pay, the nationwide average effective state and local tax rates by income group are 10.9 percent for the poorest 20 percent of individuals and families, 9.4 percent for the middle 20 percent and 5.4 percent for the top 1 percent.”

Because Carmen Farina Says So by Robert Pondiscio, City Journal 14 January 2015

Because Carmen Farina Says So by Robert Pondiscio, City Journal 14 January 2015.

Of Interest at the Fed by Nicole Gelinas, City Journal Winter 2015

“But did the Fed’s approach spare Americans a harsh reckoning, or only delay it? Even after more than $1 trillion in defaults and repayments, Americans still hold twice as much housing debt as they did in 2000. If mortgage debt had merely stayed in line with the growth in other prices instead of outpacing inflation, we’d owe a collective $6.6 trillion today on our houses, not $9.4 trillion. And what happens when mortgage rates rise, or when house prices stagnate or even fall again? We could end up where we were six years ago—with borrowers and lenders alike realizing that they can’t repay their debts.”

Of Interest at the Fed by Nicole Gelinas, City Journal Winter 2015.

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