New Yorkers were told by Mayor Bloomberg today just how hard the crumbling economy would hit NYC residents: he is proposing new taxes (both sales tax increases and a huge income tax hike), layoffs (the city is aiming to cut 3,000 from the workforce), attrition, possibly 1,000 fewer cops hired, a 7 percent property tax hike (kiss that $400 rebate check goodbye), and even more school budget cuts.
Under the Mayor's plan, libraries would cut a half day of service; five fire houses would cut nighttime hours. Protective Specialist slots -- 127 of them -- would not be filled at the Administration for Children's Services. Health and dental care for children would also be cut.
The City faces a cumulative $4 billion budget gap for 2009 and 2010, in spite of fiscally sound planning by the famously prudent Bloomberg. Surplus funds generated in 2007 totaling $4.6 billion were used to help close budget gaps in 2008, 2009 and 2010.
November 2008 NYC Financial Plan
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