Financial assignment 3: Presenting your budget
New York City’s fastest-growing category of expenditures during the planning period is health and social services. The overall growth in this area is due to several factors, including an increasing population and an older population that requires more healthcare services. There are also new initiatives that aim to increase access for those who need it. This has been further aided by the rising cost of prescription drugs. This has been caused by inflationary pressures that have impacted wages and benefits.
There are many strategies being used to control these expenses. Some include improving efficiency in service delivery, cost containment measures at hospital and clinics, encouraging preventative medicine initiatives and streamlining paperwork. These efforts should result in a stabilization or reduction of spending by the end of this decade, which will lead to improved economic results for New York City residents.