New York’s property tax levy cap makes it more important than ever for local governments and school districts to bring their long-term spending into line with long-term revenues. This is an especially challenging task in the wake of an economic slowdown that has strained the finances of local taxpayers and local governments alike. But most localities don’t issue budget forecasts that look further than a year ahead—making it it easier to put off tough decisions as underlying budget imbalances get bigger and bigger.