NEW YORK May 2 New York City's mayor Michael
Bloomberg presented an updated budget proposal for the coming
fiscal year on Thursday with largely cosmetic changes before it
goes to the city's legislature for debate.
Bloomberg presented the adjusted figures for fiscal year
2013-14 as a last update to his $70 billion budget presented in
January. The city's current fiscal year ends on June 30.
Bloomberg said better-than-expected tax revenue in the
current fiscal year would pull some tax revenue forward from
next year. The city collected an additional $800 million in the
current fiscal year as tax payers brought forward tax payments
at the end of the last calendar year to avoid higher federal
In total the city is expecting $1.1 billion in extra
revenues this year when $222 million netted in corporate tax
audits is included.
"It sounds good but it really is more book keeping,"
Bloomberg said in a press conference at City Hall. "We lowered
tax revenues for fiscal '14 because of that."
The city is now expecting $462 million less revenue in
fiscal 2014, $194 million of which is due to a lower tax revenue
forecast. The city has also cut its estimate for revenue from
the collection of sales of taxi medallions by half to $300
million in the coming fiscal year.
The sale of the medallions is disputed and is currently
working its way through the court with a decision on whether the
sale can go ahead as expected in the coming months.
Other changes from the January projection include a $327
million increase in projected agency expenses. Total expenses
increased by $472 million compared to January's projection.