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Mayor Bloomberg's Budget Plan Aims to Close $4.9 Billion Gap
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New York Mayor Michael Bloomberg announced a 2011 preliminary budget plan that seeks to close a $4.9 billion deficit, saying the plan would avoid tax increases and lower spending by $1.6 billion.
"New Yorkers continue to feel the harsh impact of the deepest national recession in more than 60 years, and as many businesses and families continue cutting back on their budgets, so too must city government," said Mr. Bloomberg in a statement Thursday.
(...) The plan seeks to reduce the growth in teacher and city-employee salary costs, as well as pension changes and mandatory health-care premium contributions in exchange for future salary increases. The mayor's office estimated a 10% contribution would generate $350 million in savings in fiscal 2011, which starts July 1.
The mayor's plan is also seeking a city headcount reduction of 4,286 employees—834 through layoffs and 3,452 through attrition. That would amount to a 1.4% reduction from the city's current work force, which stands at 305,000.
According to the mayor's office, city tax revenue is expected to grow 4.3% to $43.6 billion in fiscal 2011, but remain just below prerecession levels.
New York, NY |
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