Unemployed insurance payment reserve fund is a reserve fund in New York City created by the municipal corporation, schools and fire districts, and boards of corporative educational services that have been elected to be liable for payments instead of contributions. The main functions of these reserve funds are to ensure reimbursement of the state unemployment insurance fund for payments made to claimants where the municipality has elected to use the method of benefit reimbursement (Derrick, 2019).
Thus, the reserve fund ensures that the unemployed’s needs are met with thus improving the living conditions within New York City.
The financial position of the city of New York from the calculation and analysis above is there is an increase in the tax burden since because there was an increase in the amount of tax which was being paid due to the rise in expenditure by the New York city-state due to pandemic and the restrictions which are put in place to control it (Umurzakov, 2020). The taxpayer burden is at -$68,200 from the calculations above and is gotten by dividing the money available to pay the expenditure and is divide by the number of the state taxpayers. The total amount of available assets in the 2020 financial year is $64.8 billion from the calculations above. The liability is at $259.2 billion, which is double the amount of support, thus showing it is in a financial crisis. Therefore, since the city does not have enough cash that can be used to settle the liabilities, it has a financial hole of $194.4 billion; thus, to stabilize the liability, each New York city taxpayer is supposed to give $68200 to write off the liability. Also, the net position of New York City is at $10.6 billion due to the city defers recognizing gains resulting from a decrease in the retirement liabilities (Umurzakov, 2020). The financial position of New York city is poor since there are more liabilities than assets. Also, it will continue to deteriorate until a stable strategy is implemented, which can be used to enhance the economy.
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