The price range hole in New York Metropolis for fiscal 2022 grows to $ 5.25 billion
(Reuters) – A drop in property tax revenue related to the ongoing coronavirus pandemic has left a bigger hole in the upcoming budget for New York City that needs Democrats in control of the White House and U.S. Congress to run important to give fiscal stimulus, Mayor Bill de Blasio said on Thursday.
The gap in the tentative budget of nearly $ 92.3 billion for the fiscal year beginning July 1 grew to $ 5.25 billion after a November budget forecast for the city of $ 3.75 billion .
The mayor called for a new and substantial round of incentives to offset the economic consequences of the pandemic and avoid the possibility of government funding cuts.
“This is absolutely critical to getting a strong incentive from Washington – an actual incentive, not just a survival package,” he said. “A direct aid incentive for New York City and all localities. That will be the only number one difference maker.”
President-elect Joe Biden is expected to unveil a $ 1.9 trillion plan on Thursday.
New York City, once the epicenter of the U.S. pandemic, was hit with a credit rating downgrade by Moody’s (NYSE 🙂 Investors Service and Fitch Ratings last year, while S&P Global (NYSE 🙂 Ratings got its rating outlook from negative to negative revised stable.
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