The city’s Independent Budget Office just released a dour report on New York's fiscal picture, projecting a cumulative $11.3 billion in budget gaps over the next two and a half years and $18.3 billion by mid-2012. Such figures would represent substantial shortfalls requiring major cuts and/or new revenues, given a city budget currently of about $60 billion.
The IBO report shows budget gaps far larger than the Bloomberg administration’s estimates released in November, with IBO projecting $6 billion less in revenue than the city did over the next three and a half years, according to the report.
“With additional projected budget deficits to be closed, it is likely that future gap closing plans will include substantial cutbacks in services,” the report said. read more »