New York, NY - Bloomberg Orders Agencies to Plan $2B Spending Cut
New York, NY - Police, schools and other agencies are being told to come up with ways to shave spending by a total of $2 billion as New York City grapples with a projected deficit and a blocked plan to sell new taxi medallions.
No decisions have been made yet about what to cut in the 12th round of budget trims since early 2007. City Budget Director Mark Page told officials Friday to propose reductions â€” or new moneymaking ideas â€” by Oct. 4. They’d affect spending over the next 18 months.
The roughly $70 billion budget for this year is balanced. But it included $635 million from the taxi plan, which a judge struck down last month.
Besides that gap, a $2.5 billion deficit is forecast for next year.
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