The budget also increases funding to the Department of Education by $129 million and the New York City Housing Authority by $18 million over the levels proposed in the Mayor's Executive Budget. According to a prepared statement, it will help NYCHA maintain its operations of community and senior centers.
The NYCHA funding will help preserve community center and senior center programs.The budget maintains the early payment of $2 billion of debt expenses in 2010 and $350 million to pay expenses in 2011.
"The news about the economy, and its effects on the City's finances, continues to be very sobering, and this budget reflects the uncertain economic outlook we face," says Mayor Bloomberg, in the statement. "In partnership with Speaker Quinn and the City Council, we have agreed to restore funding to the Department of Education and NYCHA, and to maintain the $400 property tax rebate and the seven percent reduction in the property tax rate for one more year."
Mayor Bloomberg calls the budget "fiscally responsible and balanced." And in the weeks and months ahead, he notes that "we will take whatever steps are necessary to keep our budget in balance and keep our City moving forward."
Speaker Quinn notes that "in this year's budget, we have made some difficult though smart decisions that will help the City through the financial uncertainty ahead, while maintaining essential city services. The budget's spending increase of 1.6% in City-funds is well below the projected 2.7% annual rate of inflation.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
