New York City's Office of Management and Budget (OMB) oversees an annual expense budget of $59.5 billion and a capital budget of more than $10.2 billion a year.  With staff of approximately 300 employees, OMB prepares and monitors the budgets and programs of over 80 City agencies and covered organizations such as the Transit Authority, Health and Hospitals Corporation and the Housing Authority.

The establishment of the level of resource available to fund the budget is a major function within OMB.  On an ongoing basis, reviews are performed of various economic forecasts, assessing their accuracy, and estimating how changes in the local, national and world economies will affect the City’s tax revenues.  Since a third of the City’s resources is in the form of state and federal aid, legislative and executive actions in Albany and Washington must be followed closely.  Similarly, OMB analysts must also forecast and factor in changing circumstances that could affect city expenditures.