Revenue at Risk: Long-Term Strategies to Bolster NYC's Budget Against Potential Cuts in US and State Aid

NYC Revenue at Risk Cover Art


The Volcker Alliance invites you to join William Glasgall, Volcker Alliance senior director, public finance, in a conversation with Thad Calabrese, associate professor of public and nonprofit financial management, and director of finance specialization at New York University's Robert F. Wagner Graduate School of Public Service, and author of the forthcoming Issue Paper, “Revenue at Risk: Long-Term Strategies to Bolster NYC's Budget Against Potential Cuts in US and State Aid.” The paper is the latest in a series of Alliance reports on state and local budgeting in the COVID-19 Era.

With federal State and Local Fiscal Recovery Fund aid scheduled to end on December 31, 2026, the issue paper focuses on how New York City should prepare its budget to withstand potential reductions in intergovernmental funds. The city's operating budget proportionally relies on federal and state grants significantly more than other large metropolitan areas. The paper outlines a four-point plan to reduce the city's risk of reliance on such intergovernmental funds and strengthen the long-term sustainability of the budget, including identifying efficiency savings and adopting best practices for managing New York's new rainy day fund.

Read the Issue Paper

The State and Local Budgeting in the COVID Era Issue Paper series builds on the work of previous research efforts to focus on the impact of the pandemic and resulting recession on states and localities; explore how budgeting policies of states prior to the pandemic have impacted how well they were able to handle the crisis; identify risks and opportunities within states that will contribute to their ability to successfully recover from the financial impacts of COVID-19; and make recommendations for policy improvements that will contribute to the fiscal sustainability of states.

Thad Calabrese Headshot

Thad Calabrese's research and teaching focus broadly on applying financial management theories and techniques to organizations engaged in providing public services - in the public and not-for-profit sectors. He is an active researcher and his work has appeared in the academic journals  such as the Journal of Accounting and Public Policy, Public Administration Review, Nonprofit and Voluntary Sector Quarterly, Public Budgeting and Finance, Nonprofit Management & Leadership, National Tax Journal, Journal of Public Administration Research and Theory (JPART), among others. He has co-authored three texts: Financial Management for Public, Health, and Not-for-Profit Organizations - 4th Edition (Pearson Prentice Hall), as well as the 5th and 6th Editions (CQ) - Government and Not-for-Profit Accounting: Concepts and Practices, 7th - 9th Editions (Wiley), and Accounting Fundamentals for Health Care Management, 2nd and 3rd Editions (Jones and Bartlett Learning). In addition to his academic work, he has also published many applied public policy research reports. Thad was awarded the Editors' Prize for Best Scholarly Paper in Nonprofit Management & Leadership for 2013, and joined the journal's editorial board in 2015. He currently serves on the editorial boards for the Journal of Public Administration Research and Theory (JPART), and Public Budgeting and Finance as well. He also serves as an Associate Editor for Nonprofit and Voluntary Sector Quarterly. 

Thad is the immediate past Treasurer for the Association for Research on Nonprofit and Voluntary Action (ARNOVA), and served as the elected Chair for the Association for Budgeting and Financial Management (ABFM). He currently serves on the Governmental Accounting Standards Advisory Council representing ABFM. Before joining the Wagner School, Thad was on the faculty at the School of Public Affairs at Baruch College – CUNY. Prior to academia, Thad worked in the New York City Office of Management and Budget in tax policy and also as a financial consultant working with nonprofit organizations in New York City. 

Bill Glasgall HeadshotWilliam Glasgall is senior director, public finance at the Volcker Alliance, a New York-based nonprofit organization where he has supervised the publication of numerous working papers and studies, including four Truth and Integrity in State Budgeting reports. He is also the creator of the Special Briefing webcast series, co-produced with the University of Pennsylvania Institute for Urban Research, where he is a fellow. Mr. Glasgall serves on the editorial team advisory board for Route Fifty alongside other leading thinkers on state and local governance. Previously, he was managing editor for states and municipalities at Bloomberg News and senior editor at BusinessWeek Magazine. He is also a member of the National Federation of Municipal Analysts and a governor of the Overseas Press Club Foundation. A Boston University graduate, he was a Knight-Bagehot Fellow in Economics and Business Journalism at Columbia University and a DAAD Fellow at the University of Bonn, Germany.