"A government big enough to give you everything you want, is big enough to take away everything you have"
Thomas Jefferson

Thursday, May 1, 2008

NYS Division of Budget Proclaims a Recession.

The New York State Division of Budget released an updated financial plan and economic forecast, as expected, the outlook is bleak at best.

A revision of out year budget gaps show despite a balanced budget this year the state will face a deficit of $5 billion in 2009-2010, $7.7 billion in 2010-2011 and $8.8 billion in 2011-2012.

Based on New York City's budget, Mayor Michael Bloomberg should be Governor of New York State. New York City spending will remain virtually flat in next year's budget, increasing only a mere 0.1%. The Mayor enacted a 7% property tax reduction last year and anticipates maintaining this through 2009 and he is using resources this year to begin closing out year budget gaps as well as paying "down" out year debt.

Refreshing to actually witness fiscal management somewhere in New York State.

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