Addressing a $6.4-billion budget gap resulting from New York City’s worst fiscal crisis since the 1970s, Mayor Michael Bloomberg released a budget November 14 that slashes spending by $844 million, including a $9-million cut to libraries.
In addition to dramatically reducing city services—including closing 30 senior centers and eight fire houses, and reducing the city workforce by some 8,000—the $43.7-billion budget hikes property taxes and taxes suburban commuters, the New York Times reported November 15.
The budget must be approved by the Democratic-led city council. Speaker Gifford Miller has already stated that the 25% property-tax increase proposed by Bloomberg is too high.
Posted November 18, 2002.