Mayor Bloomberg Reveals His Cautious 2007 Budget

Yesterday, Mayor Bloomberg presented a $52.7 billion budget for 2007 with measured spending, in spite of a $3.4 billion surplus. He said the city had to anticipate slowdowns in real estate and from Wall Street, plus rising gas prices, with budget deficits in 2006, 2009 and 2010 possible; another concern is being able to address the rising cost of city employees benefits, so he's spending a few billion now to "reduce long-term costs." The budget has been praised by the Independent Budget Office, Public Advocate Betsy Gotbaum and City Comptroller William Thompson, who said, "Mayor Bloomberg has taken a creative, proactive approach to addressing the city's short- and long-term needs by setting aside resources to be available for future years, which are expected to be saddled with considerable budget gaps." But the City Council was less enthusiastic, concerned that it will still spar with the Mayor to restore funding to libraries and other programs before the budget is passed, as they do every year. However, Mayor Bloomberg did agree City Council Speaker Christine Quinn's request for $12 million in new bullet proof vests for the NYPD.

But the Mayor had to give some bright spots, so he touted that tourism is high and unemployment is low. Nine hundred million is being invested in a variety of city agencies such as money going to the Administration for Children's Services and the the Department of Ed (for school construction). The budget also outlined funding in the Four-Year Capital plan, which includes investments in the Hudson Yards/7line extension ($3 billion),Croton Water Filtration Facility ($1.1 billion), Yankees ($149 million) and Mets ($105 million) stadiums infrastructure, Fresh Kills Park ($136 million), Atlantic Yards ($107 million), Greenpoint-Williamsburg development ($99 million), Brooklyn Bridge Park ($51 million), and retaining wall maintenance ($48 million).

You can read the PDF of the budget summary - it's a Powerpoint presentation. And after the jump, here are three charts that we found interesting:

1) How much of NY State's tax revenue comes from New York City:

2) How much funding NY State gives to NYC, compared to NYC's state tax contribution:

3) How much funding the federal government gives to NYC, compared to NYC's federal tax contribution:

Perhaps you should keep this is mind the next time any politician related to NY State mentions money.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on May 5, 2006 7:49 AM

Comments [rss]

Glenn

Get bent -

Here are the Mayor's sources:

City">http://www.cgr.org/Data/CGR/Articles/Files/2004%20Fiscal%20Balance%20of%20Revenue%20&%20Expenditure%20NYS.pdf">City Subsidizes rest of NY State from the non-partisan Center for Government Research.

New York Subsidizes Rest of Country from the non-partisan Tax Foundation

MT

WTF are you talking about, lame? I was referring to the fact that the last time the voting public went to the polls with a popular outgoing politician was when Clinton was on the way out and the public elected GWB in a fit of God knows what. I'm just saying I hope that doesn't happen in New York and the majority elects another mayor who can keep the long-term momentum going and won't not screw it up by reverting to partisan politics and pandering to the special interests. It's too easy to make a mistake like that when things are going well. It doesn't matter what party he belongs too. Stop being such a knee-jerk reactionist.

Sometimes a cigar is just a cigar - it doesn't always have to be a Republican or Democrat, Moderate or Radical.

get bent

The blue is subsidizing the red? You can have your tax dollars back when Wall Street ends its total screw job to the American investor and worker (pension ripoffs). And while we're at it, where are the military bases in New York City? Right, they're upstate and in the red states. Forgetting the war in Iraq for a minute the US Navy is what makes global shipping possible and hence makes global investing a reality. Speaking of shipping, New York is a has-been in port trade. Your tax dollars pay for ports in Virginia and Newark.

Where is you food grown? Red states. I'd gladly eliminate farm subsidies. Then New York can pay higher taxes to feed the poor when food prices rise. I guess New York will have no problems since it inly has the worst income inequality in the country.

And I see the blue states are just paving the way on energy independence. Bravo!

If you can point to one legitimate study that shows the methodology of this myth about tax dollars and red/blue states do provide it.

lame

MT, do you really feel better when you go online and rant like a lunatic. It's 2006 and you're still living back in 2000. To be cliche, you aren't part of the solution. Maybe the Democrats could learn something here. When faced with the ultra liberal the Democrats nominate for Mayor and the "Republican" the voters have opted for the moderate choice FOUR TIMES IN A ROW (even if you don't think Giuliani is a moderate). Stop pandering to the base.

Glenn

You know, I'm really starting to like that whole decentralization thing the repubs talked about when they were out of power. So the city is losing $22 billion every year to the state and Federal Government - basically the bluest part of the country subsidizing the red areas of Upstate NY and the Red States.

Can we file for a refund?

MT

Hopefully New York City will remember the benefits of having a practical mayor at the next election. Let's not throw all this away by electing some crackhead like we did when Clinton left office in Washington.