From CBS 2:
Mayor Michael Bloomberg is ordering a new, and possibly very painful round of budget cuts that could include layoffs. It's the seventh time Bloomberg has ordered budget cuts, so this latest round -- $1.75 billion worth – could be extra painful.
More fire houses may have to close, the size of the police force might shrink, and education programs might be cut – options all in the realm of possibility as Bloomberg ordered city agencies to tighten their belts…yet again.
The agencies have been asked to cut another $550 million in spending this year and $1.2 billion for the 2011 fiscal year that starts July 1. The hits to the big three agencies – fire, police, and education – are less than other city agencies, but with the city forced to cut its budget time and time again because of the financial crisis, none of the cuts will be easy.
Sources told CBS 2 there could be layoffs of city workers, the reduction of the size of the city work force through attrition, and the elimination of programs. But budget director Mark Page told commissioners: "We need to find ways to revise the services we provide and how we provide them, to achieve long term cost containment without impairing the quality of life we are able to provide to the people and businesses of New York City."
There is one ray of good news in this: officials said that, as of now, there will be no increase in taxes. Sources said the mayor believes people have reached the breaking point when it comes to taxation.
But the good news there will be no new taxes, says the mayor! More good news: we'll still have money to seize businesses at Willets Point and give sweetheart deals to developers!