Colby Hamilton, Writer, WNYC News
Colby Hamilton is a general assignment reporter. He originally joined WNYC as a political blogger. He's a proud graduate of the CUNY Graduate School of Journalism.
The State Comptroller's office says budget targets for New York City and New York state will likely fall short this year. The reason is a drop in Wall Street revenues.
Comptroller Thomas DiNapoli released the new forecast Tuesday morning. It found that New York's tax revenues will be down about a third compared to last year.
"Keep in mind 2010 was a very strong year so, to put it in context, this is still going to be a good year and a profitable year, it just shows that some of the high profitability we saw last year you're not going to see again this year," DiNapoli said.