Tuesday, December 23rd, 2008
New York Has Had Since The Buttonwood Agreement Of 1792 — Over 200 Years — To Insulate Itself From The Vagaries Of The Stock Market
Not that that will change anytime soon:
State Comptroller Thomas DiNapoli warned yesterday that the city faces budget gaps of $3.5 billion and $8 billion in the next two fiscal years — far higher than previous forecasts.
That’s a sharp increase from the $1.3 billion and $5 billion deficits Mayor Bloomberg projected last month in his budget plan for the 2010 and 2011 fiscal years. It even surpasses the state Financial Control Board’s dire figures that came out just five days ago and put the city’s budget gaps at $2.3 billion and $6.4 billion.
The FCB didn’t have time to include the impact of severe cuts in state aid proposed by Gov. Paterson on Dec. 16.
. . .
Bloomberg is scheduled to release his updated strategy for dealing with that possibility next month.