Thursday, July 24, 2008
NYC homeowners in the doghouse
New York must rescind its 7% property tax cut next year in order to keep the city from drowning in red ink, the city's fiscal watchdog warned Tuesday.
Eliminating the cut will raise more than $1 billion extra in each of the next three years, which would still leave the city with a $12.6 billion budget gap over those three years, the state Financial Control Board said in its review of the city's fiscal plan.
Property tax cut faces ax
Bloomberg's early-edition budget for the next three years assumes the Council will agree to eliminate the tax break. The control board, a relic of the city's near-bankruptcy in the 1970s, said the Council needs to agree.
"If you take a look at the national economy and the local economy, we're probably going to have to make more attempts to reduce our expenses while hopefully maintaining services," Bloomberg said.
Right, so maybe this isn't the right time to start spending money translating documents into other languages.