Results tagged “spendingcuts”

that in exchange for the checks, the Council agreed to raise both the property tax (by 7%) and hotel room tax. The Staten Island Advance says, "If the city's Department of Finance begins printing them immediately, homeowners should receive their rebate checks shortly after the new year, around the same time they will get their new property tax bills." The NY Times also adds that Bloomberg will not cut $20 million from the budget and some Council members expect to vote on the agreement today (though they warned that the deal could collapse). Some numbers: The property rebate checks cost the city $256 million; raising the property taxes to 7% in January (instead of June, as previously planned) means an additional $600 million for the fiscal year; and the hotel room tax hike brings an additional $100 million between March 2009 and June 2010.

The City Council really wants its homeowning constituents to get their $400 property rebate checks, though Mayor Bloomberg prefers to cancel them, given the city's impending budget crisis. According to the Daily News, "City council leaders say they can save taxpayers money and preserve homeowners' $400 rebate by cutting spending on police recruiting and standardized test prep in schools, and eliminating grass clippings from city garbage pickups." City Council Speaker Christine Quinn said that the suggested cuts would save $170 million, which still doesn't cover the $256 million the property rebate checks cost. Still, Quinn said, "No one in [City Hall] sadly believes that this is the last round of cuts, so let's get ahead of the game and make as many cuts as we can that don't erode core services."