Looking back: NYC’s first $1B construction budget

From the February issue: Reflecting the booming local economy (and population), City Hall proposed New York’s first $1 billion construction budget, 46 years ago this month. Mayor John Lindsay presented the historic budget — which spanned the fiscal year beginning in July 1967 — to the Board of Estimate and city council. The dollar figure was an astounding 61 percent above the prior year’s budget of $667 million. Most of the increase was to be offset from a large rise in federal funding, according to reports in the New York Times. Lindsay directed the biggest slice of the pie to the Board of Education, which was allocated $175 million for new school construction. [more]