Tuesday, April 29, 2008

City still rolling in dough

Somebody forgot to tell New York the economy is crashing.

Even as the nation's financial woes worsen, cash is still rolling into city coffers, Mayor Bloomberg admitted Monday as he prepares to unveil a new budget.

The city is still on pace to rack up a $4 billion surplus this year - a welcome stash of money, but a slightly politically sticky situation for the mayor.

Bloomberg is trying to clamp down on spending to get ready for what he says will be tough times ahead, including imposing a hiring freeze and ordering several layers of cutbacks in city agencies.

He soon heads into budget negotiations with the City Council, which may have some other plans for the extra cash.


Mayor wary of surplus in budget

4 comments:

Anonymous said...

when it comes to money this guy is indeed a king. The whole country is in an unacknowledged recession and yet he manages to swing an economic surplus. The government should hire him as a financial adviser, like they once did Morgan Stanley.

Of course there's a downturn to the boom. All of the over-development is making life pretty stinko for many of us here. So it's hard to say if we're truly better off with the surplus?

Anonymous said...

Well, if park maintenance is declining (except where they are building new projects and they maintain the parks to attract residents) and schools and hospitals and firehouses and cops are declining as you add more people of course you have a short term benefit.

Sort of like running up your credit cards.

Sooner or later the bills come home.

Anonymous said...

...good way of looking at it.

Liman said...

Just a crazy idea. Off the wall. Really shouldn't bother to say it. But here goes. Why not give it back to the taxpeyers? I know, they don't deserve it. Nutty idea. Sorry.