DiNapoli: NYC and NYS budget shortfalls likely
Tuesday, October 11, 2011 - 11:07 AM
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.