City budget update
On April 1, 2009, City Council Speaker Christine Quinn released the council’s Fiscal Year 2010 Preliminary Budget Response. This document is a result of a month of testimony by city agencies and the public.
The council projects an even bleaker fiscal picture for New York City, forecasting tax revenue in the current and next fiscal year to be $438 million lower than the mayor’s estimates. The council also projects that revenues from the real property transfer tax and mortgage recording tax will decrease 43.4 percent and 48.6 percent, respectively, in the current fiscal year with further declines anticipated in Fiscal Year 2010.
The mayor will release his executive budget by April 30, 2009, whereupon the city council will hold another series of public hearings. The fiscal year 2010 budget must be passed by June 30, 2009.
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