New York, NY - Bloomberg Says He'll Close Budget Gap Without Taxes
New York, NY - Mayor Michael Bloomberg’s proposed budget won’t include new taxes.
Marc La Vorgna, a spokesman for the mayor, said Wednesday that the draft Bloomberg is expected to release Thursday will close an anticipated $2 billion gap but won’t include any taxes.
In November, Bloomberg said that even with plans to use $1 billion from a health care trust fund, $1 billion from taxi medallion sales and make $1.5 billion in spending cuts, the city was expecting to come up $2 billion short. That estimate may have since changed, depending on tax revenues and other factors.
The mayor’s initial budget proposal is traditionally the opening salvo in a lengthy series of negotiations between policymakers, elected officials and advocates. The final budget must have the approval of the City Council.
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