The economic downturn and slumping real estate market have left the city facing a $2.3 billion budget shortfall in the next fiscal year and even larger deficits in subsequent years, the mayor warned.
Mayor Michael Bloomberg said the city would prepare for the gloomy forecast by cutting spending 5.6% and delaying some capital outlays...
...Bloomberg said that even if he rescinds the 7% property tax cut that was approved a year ago, the city faces budget shortfalls of $5.2 billion in fiscal year 2011 and $5.1 billion in fiscal year 2012.
Memo to Mayor: Write a check. Thanks.
— Larry, Attack Monkey, Light Reading