N.Y.C. Mayor Bloomberg Readies 'Doomsday' Budget

McDonald, Michael
April 2003
Bond Buyer;4/15/2003, Vol. 344 Issue 31615, p1
Trade Publication
This article focuses on the fiscal situation of New York City, New York. City Mayor Michael Bloomberg plans to unveil a $ 44 billion budget that threatens thousands of layoffs if the state government does not bow to pressure and help the city close a 2004 deficit projected to approach $4 billion. Bloomberg is expected to continue to insist on a commuter tax that would raise $1 billion in new revenue in 2004. As of March 30, 2003 the Independent Budget Office said property taxes have generated revenues of $9.5 billion in fiscal 2003 and the personal income tax $3.4 billion, both of which are basically on target.


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