1974 Fiscal Crisis NYC

image source: https://en.wikipedia.org/wiki/History_of_New_York_City_(1946–77) To start a fiscal year is an accounting year that does not end on December 31. And during the 1970s New York City was in a crisis, on the point of bankruptcy, New York was 430 million dollars in debt and it was coming time to pay. Yet the city did not...

MAC and EFCB

  resource:  http://www.fcb.state.ny.us/ MAC meaning Municipal Assistance Corporation. it is an independent corporation created by the State of New York. MAC is for purposes of providing financing assistance and fiscal oversight of a fiscally distressed city. EFCB meaning is Emergency Financial Control Board. At its inception in September 1975. The creation of the EFCB...

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