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Quinn: City Revenues Falling

Wednesday, April 01, 2009

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With the city's economic outlook getting worse, City Council Speaker Christine Quinn says the city needs an even tighter budget than the one Mayor Bloomberg proposed in January. Quinn predicts that the city revenues will be $438 million less than the mayor estimated in his proposed budget. She says the pronounced slide in city revenues comes as more New Yorkers lose their jobs. More than a quarter of a million private sector jobs are expected to disappear by the end of next year. The mayor and Council members are starting work on a budget deal that they need to close by the end of June. Earlier this week, the Independent Budget Office estimated that the city faces a $1.4 billion deficit for fiscal year 2010. And it predicted that tax revenues would decline by $2.6 billion, to $34.9 billion.

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