Wall Street Journal:
New York City will use millions of dollars from its capital budget to fully fund dozens of storm-protection projects that were expected to be paid for by federal Sandy money, officials say.
Superstorm Sandy did an estimated $19 billion in damage and the city received a $4.2 billion federal grant to help rebuild from the October 2012 storm. The city initially planned to use more than $500 million of that amount on projects such as raising shorelines and rebuilding critical infrastructure.
Instead, the city ended up using the half-billion dollars in federal resiliency funds to pay for cost overruns in its Build Back Program, which fixes, elevates and rebuilds homes damaged in the storm.
The city is tapping the its more than $14.5 billion-a-year capital budget to fill the gap. The capital budget is used to fund long-term infrastructure projects.