NYC Government Publication
The Comptroller's Comments on the FY 2004 Budget
The combination of the recession and the impact of the destruction of the World Trade Center is clearly reflected in the City's financial condition. Over the past 15 months the City has implemented a $4.6 billion in FY 2004 gap-closing actions, including an 18.5 percent property tax increase while borrowing $2 billion to meet operating expenses. However, there was still a FY 2004 deficit of at least $3.8 billion. The Mayor proposed a series of actiosn to close the gap, which include $1.4 billion in new taxes, more than $1.1 billion in State aid above current projections, and $620 million in agency gap-closing initiatives. The State Legislature has approved a state budget and associated initiatives. If enacted into law, it will assist the City in balancing its own budget. The ongoing dispute between the Governor and the State Legislature over the State budget, along with the risks in the Executive Budget could result in another round of cutbacks and layoffs.
- Agency
- Subject
- Report type
- Budget Report
- Date published
- 2003-05-27
Items
| Thumbnail | Title | Date Uploaded | Actions |
|---|---|---|---|
|
33_The_Comptroller_s_Comments_on_the_FY_2004_Budget.pdf | 2020-05-10 | Download |