NYC Failed to Collect $3.3 Million in Taxes, Says City Comptroller
Tuesday, February 08, 2011
The city says it needs more money from Albany even though it's overlooking millions of dollars at home, according to an audit by the city's comptroller.
The City missed $3.3 million in uncollected taxes over three years and nearly all of it came from an error in how the city's Department of Finance recorded payments of the utility tax, City Comptroller John Liu said.
Liu said the department spent more than $500,000 on outside consultants to conduct their own audit. A Department of Finance spokesman said their audit was already underway when Liu began his -- and that both audits agree on how to fix the record-keeping errors.
The Finance spokesman also said they've already begun work on collecting some of the uncollected taxes.
City lawmakers are currently asking state lawmakers to restore millions of dollars of funding. Mayor Michael Bloomberg said the city could lose more than $2 billion dollars if Governor Andrew Cuomo's budget is passed in its current form.