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The Empire

DiNapoli: NYC and NYS budget shortfalls likely

WNYC reporting:

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.

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