This paper surveys the current pattern of growth of the New York City economy and the present pattern of economic decentralization within the New York metropolitan region. Then it assesses what these patterns mean to the City's fiscal position. We consider first the anatomy of growth in the city and region and turn then to its implications for the City's taxable capacity. Having generally characterized the tax base response to these growth patterns, we examine the adequacy of the City's fiscal and governmental system to cope with concurrent pressures for increased public policy alternatives to resolving, or partially resolving, the City's fiscal ills.