Friday, April 18, 2014

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Sandy-Damaged City Slowly Emerges From A Budget Storm

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New York City is still struggling after enduring the superstorm Sandy and a nor'easter, but its budget forecast is improving.

Officials predicted Sunday that the 2013-2014 deficit will only by $1.15 billion, compared to the estimate earlier this year of $2.5 billion.

The city is losing a projected $635 million in taxi medallion sales in the 2012-2013 budget year, due to the shelving of the mayor's proposed five-borough taxi plan.

However, the city is expected to receive $790 million in taxi medallion sales in 2013-2014, which is $425 million more than the original estimate.

The city is also getting an additional $68 million in personal income taxes and business income taxes during the 2013 fiscal year.

The increase in revenue is easing the amounts of cuts for city agencies.

In September, Mayor Michael Bloomberg asked city agencies to cut a total of $750 million for the 2012-2013 budget and $1.23 billion for the 2013-2014 budget.

Now, the agencies are only being asked to cut $600 million for the current fiscal year and $1 billion for the next fiscal year.

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