New York City's budget surplus just got a little bigger. The previously projected surplus of $3.9 billion has been upped to a projected $4.4 billion for the fiscal year ending June 30th. Despite the additional projected surplus, Mayor Bloomberg is being prudent with the extra money.
While there's a projected surplus for this year, Bloomberg is going to use the extra money to pay down expected future debt. $1.3 billion is going towards the projected $1.6 billion deficit in 2009 and $1 billion toward 2010's $3.3 billion deficit. Where's all the money coming from? City agency cutbacks and surprise revenue from all the large real estate sales (hello, Stuy Town). Further details of the mayor's 2008 Budget and Financial Plan are being presented at City Hall today.
Some of the projected surplus will go towards cutting property taxes and the city's sales tax on clothes and shoes as well as funding health programs for ground zero workers and the mayor's initiatives in PlaNYC.