Bloomberg announces new budget plans

May 1, 2008 4:56:59 PM PDT
Mayor Michael Bloomberg says New York City's finances are stable enough to continue a 7 percent property tax cut for a second year - but not beyond that.Bloomberg's remarks are part of his Thursday budget update.

A few months ago, Bloomberg presented his preliminary plan for fiscal 2009, which begins in July.

At that time, he said the $1 billion tax cut he first implemented last year might not survive another year, given the uncertain economic situation.

But after holding the line on spending in the $59.1 billion budget, Bloomberg now says the property tax cut can be continued.

Nearly all city agencies made cuts this fiscal year, and were asked to do so again for next year.

The Department of Education will actually see an increase of about $200 million in funding next fiscal year.


Load Comments