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Bloomberg FY 2011 Executive Budget

Bloomberg FY 2011 Executive Budget

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Published by mahexaminer

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Published by: mahexaminer on May 07, 2010
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01/23/2013

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Michael R. Bloomberg, Mayor
Office of Management and Budget
Mark Page, Director
The City of New York
Executive Budget
Fiscal Year 2011
Message of
the Mayor

The City of New York
Executive Budget
Fiscal Year 2011

Michael R. Bloomberg, Mayor

Office of Management and Budget
Mark Page, Director
May 6, 2010

Message of
the Mayor
The CiTy of New york
offiCe of The Mayor
New york, N.y.1 0 0 0 7
May 6, 2010

To the Citizens of the City of New York
Members of the City Council
Members of the Financial Control Board

My Fellow New Yorkers,

There are encouraging signs that the national economy has stabilized. There have been three consecutive quarters of economic growth nationally. Our local economy has fared better than we had expected when the national recession began. Although we expect further job losses in the City, we are forecasting that we will retain almost 150,000 jobs that, at this time last year, we had forecasted would be lost. The City\u2019s economic resilience is in part attributable to the work that we have done to diversify our economy and strengthen our neighborhood main streets. And although we are expecting further declines in the residential real estate market, the commercial office market in the City has the lowest vacancy rate of any large city in the country.

Our budget for FY2010, the current fiscal year, is in balance. The Executive Budget for
FY2011 which we are proposing today is also in balance.

Budget balance for FY2011 has been achieved with gap closing actions of approximately $500 million this year and almost $1.3 billion next year, in combination with expected improvements in tax revenue. We have also included two additional quarters of increased federal funding for Medicaid which is pending final approval in Washington in the financial plan, and we have worked with the City\u2019s Health and Hospital Corporation to jointly develop a plan to stabilize its finances through FY2014. Our plan for budget balance also includes a reduction of $493 million in State funding for the City\u2019s Department of Education. If the FY2011 State budget does not allow us to address this reduction, a cut to education funding in New York City of this magnitude would lead to some 6,400 fewer teachers for our schoolchildren in FY2011.

Because of our continuing efforts to identify savings in agencies across the City, our controllable expenses will decrease in FY2011. This decrease is a real decline in spending at City agencies of over $400 million dollars, or 2.1 percent. Our plan will require increased caseloads for protective services at the Administration for Children\u2019s Services, a reduction in uniformed correctional officers from increased staffing efficiencies, and closing a drop-in center for homeless New Yorkers. Despite these reductions, we will continue to provide New Yorkers with the core services so essential to our City\u2019s health and safety.

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