NEW YORK, May 2 (Reuters) - 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 taxes.
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.