wnyc.org / 93.9fm / am 820

News

Bloomberg Delivers Preliminary Budget for ‘08

by Bob Hennelly

NEW YORK, NY January 26, 2007 —Mayor Bloomberg's preliminary budget plan has something for everyone, made possible by an almost $4 billion surplus. Yet, as WNYC's Bob Hennelly reports future mayors are going to have a tougher time balancing the books.

REPORTER: This year Mayor Michael Bloomberg's past tight fisted budget policy insured the city could realize a healthy surplus thanks to tax revenues from eye popping profits on Wall Street and a boom in commercial real estate. But the Mayor was the first to concede one great year can't reverse a trend that will make it increasingly hard for the city to control it's own fiscal destiny.

BLOOMBERG: But the non-controllable expenditures pensions, health benefits, and debt service when we came into office was a couple of billion dollars lower than the controllable and now is a few billion dollars more than the controllable and growing.

REPORTER: Bottom line - the more non-controllable expenses the city is burdened with the less fiscal flexibility it has to met future challenges. By 2011, these so-called non-controllables will claim $26 billion of the city's budget. For WNYC, I'm Bob Hennelly.



Supported By