Guess What NYC…No more property Tax Rebate for You
Yesterday Mayor Michael R. Bloomberg announced the update to his November Financial Plan. He predicts for fiscal year 2009 and 2010, the city will see at least a $4 billion dollar budget gap that will be felt in the pockets of taxpayers.
“The gravity of the budget situation requires us to make hard choices that will not be popular with everyone. But they’re the right ones to see us through these very difficult economic times and they will help speed our recovery, while continuing to keep our streets safe and clean and keep improving our schools,” he said in a press release. “We will not let our city return to the dark days of the 1970’s when the fiscal crisis all but destroyed our quality of life.”
These are the proposed actions that will take place to accommodate the budget gap in the Plan’s Budget Summary recently published:
For Agency spending reduction:
- Reducing the city’s workforce by 3,000 employees with a possibility of laying off 600.
- More than 1,000 police officers from the NYPD will be reduced with the cancellation of two academy classes in January of 2009. However, in July 2009, 2,000 will be added to the force.
- Library and cultural institution subsidies will be cut by 2.5 percent for 2008 and 5 percent next year. From this, cultural institutions will feel $11 million taken away in city funds and libraries will lose hours from 6 days to 5.5 days per week.
- As for the Department of Education, $181 million this year and $385 million for 2009 in city funds will be reduced. And it will be coming from the administration. Look forward to seeing 475 administrative officials jobless.
To Increase Revenue:
- Elimination of the $400 property tax rebate that will gain the city $256 million in revenue.
- An increase in certain fees and fines to generate $123 million. (mmm…could this mean an increase in personal income tax)
By the way, somewhere in the city, five engine companies in firehouses with fully staffed ladder companies won’t have to work the nighttime shift. And training for firefighters on probation will be cut from 23 weeks to 18 weeks. (Imagine that…will this cause more issues for the city that could add more to the deficit…you be the judge.)
