Bloomberg Tax
Jan. 16, 2020, 7:30 PM

De Blasio Seeks to Limit NYC Spending With State Facing Deficit

Henry Goldman
Henry Goldman
Bloomberg News

New York Mayor Bill de Blasio proposed a 2.7% increase in the city budget to $95.3 billion for next fiscal year, reflecting an effort to control costs amid uncertainty about the impact of a $6 billion state deficit.

The task of balancing the budget for the year ending June 30, 2021, was eased by a 4.6% increase in tax revenue over last year’s budget, de Blasio said as he presented a preliminary spending plan on Thursday. Officials expect revenue to increase 2% next year, a recognition that local and national economic growth are slowing, the mayor said in a ...

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