Angry New Yorker

Tuesday, April 27, 2004
At least someone sees through the New York Times' and Mayor Bloomberg's financial smoke screen...


"April 27, 2004 -- Even as the economic outlook brightens, New York City's long-term budget picture is deteriorating. And, aside from pointing fingers at Albany, Mayor Bloomberg seems to have few new ideas for dealing with the problem.
Bloomberg presented his proposed 2004-05 city budget yesterday. As expected, it features increased revenue estimates based on the nation's strong GDP growth, Wall Street's rebound and recent up-ticks in the city's private-sector job count.

The good news: The mayor now expects taxes over the next two years to come in $867 million above his January estimate.

The bad news: City government expenses during the same period are now projected to rise by another $3.2 billion - roughly three times as fast as the adjustment in revenues.

The result: While next year's proposed budget is balanced, New York's budget shortfall for the fiscal year after next - 2005-06 - is now projected at $3.8 billion, well over double the $1.4 billion gap Bloomberg had forecast just a year ago (see chart)."

Read the entire article here.

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