NYC Comptroller says NYC missed $3.3 in taxes
Tuesday, February 08, 2011 - 11:40 AM
As NYC is seeking many millions from Albany, it's ignoring some millions from its tax base.
The money is "sorely needed in the fact of looming budget cuts," says Liu. He also noted the Department of Finance wasn't entirely helpful during this audit.They "handed over limited information" and spent $575,000 "to hire an outside consultant" to do a "similar" review as Liu was conducted of the agency.
An additional $785,730 went uncollected because the city did not return to the tax rolls 19 businesses that participated in the Payment in Lieu of Taxes program.
While it's true the city is looking in every corner for money - the $3.3 million Liu found palls in comparison to the more than $2 billion Mayor Bloomberg says the city needs to make up for cuts heading their way from Albany.