NYC $59.1 Billion Fiscal Year 2009 Budget
Mayor Bloomberg announced his Fiscal Year (FY) 2009 Executive Budget and presented an updated four-year financial plan for New York City. The $59.1 billion budget maintains the City's firm financial footing in the near term by reigning in expenditures across the city, with city-funded spending expected to only grow by 0.1 percent.
Because of this restraint in spending and higher than projected revenues, the budget presented today will continue the $400 property tax rebate and the 7 percent property tax rate reduction for this fiscal year.
The Executive budget includes $600 million in savings in FY 2008 and $1.3 billion in FY 2009 from reductions in planned agency spending and it will produce out-year savings of $1.1 billion annually. The Mayor also announced that the financial plan shows deficits of $1.3 billion in FY 2010 and $4.6 billion in FY 2011.
“Through a combination of agency savings and short-term revenue receipts, we will once again return tax dollars to New Yorkers who today face their own budget problems created by the sub-prime mortgage meltdown and the ensuing credit crunch,” said Mayor Bloomberg “That includes the $400 homeowner property tax rebate, which will be continued in Fiscal 2009 and in the out-years as well. Our expectation at this time is that we’ll also be able to extend, for another year, the 7% property tax cut that we enacted last year.”
read the press release: nyc.gov
Because of this restraint in spending and higher than projected revenues, the budget presented today will continue the $400 property tax rebate and the 7 percent property tax rate reduction for this fiscal year.
The Executive budget includes $600 million in savings in FY 2008 and $1.3 billion in FY 2009 from reductions in planned agency spending and it will produce out-year savings of $1.1 billion annually. The Mayor also announced that the financial plan shows deficits of $1.3 billion in FY 2010 and $4.6 billion in FY 2011.
“Through a combination of agency savings and short-term revenue receipts, we will once again return tax dollars to New Yorkers who today face their own budget problems created by the sub-prime mortgage meltdown and the ensuing credit crunch,” said Mayor Bloomberg “That includes the $400 homeowner property tax rebate, which will be continued in Fiscal 2009 and in the out-years as well. Our expectation at this time is that we’ll also be able to extend, for another year, the 7% property tax cut that we enacted last year.”
read the press release: nyc.gov
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