FOR IMMEDIATE RELEASE
December 18, 2008
STATEMENT BY MAYOR MICHAEL R. BLOOMBERG ON AGREEMENT WITH CITY COUNCIL ON UPDATED FINANCIAL PLAN
"In November, when I initially proposed a financial plan modification, the City’s financial outlook had taken a serious hit from the collapse of Wall Street and the national economic downturn. Unfortunately, the outlook has continued to deteriorate - making today’s action even more necessary. It’s never popular to phase out a tax cut or reduce agency spending, but they are the right choices to avoid far greater and longer lasting pain. We will not repeat the mistakes of the 1970s, which crippled City’s finances and nearly destroyed our quality of life. We are taking steps to weather this storm so we can continue to keep our streets safe and clean, continue improving our schools and continue protecting seniors and the most vulnerable New Yorkers.
"The $400 Property Tax Rebate, originally conceived by my administration in 2004, will provide needed relief to homeowners who are experiencing tough times, and hopefully will inject more than $250 million into the City’s economy. This agreement is the product of negotiations and compromise between both sides of City Hall and I want to thank Speaker Quinn and the majority of the City Council for recognizing the severity of the situation and taking action."
Stu Loeser/Marc La Vorgna (212) 788-2958