Mayor's WINS Address
Hear the Mayor's Message
This week, I presented the City with a financial plan for Fiscal Years 1999-2003 that is the result of five years of discipline and accountability in managing our budget. Since 1994, the cornerstone of our economic success has been reigning in the growth in government spending - reducing projected spending by a total of $13.3 billion. Prior administrations not only substantially increased spending on an annual basis, but they let the rate of growth in government exceed the rate of inflation.
Over the last four years, the annual rate of increase in City spending has been just 2.0 percent - far below the rate of inflation. That is very important, because it means that government is no longer spending outside of the growth of the City's economy. In this fiscal plan, we continue to rein in City-funded spending. In fact, in our plan, spending for the coming fiscal year does not grow at all from this fiscal year. That's the sign of a City that is prudently managing taxpayers' money.
We're able to rein in the growth of government because we keep making targeted tax cuts that are returning money to the people of the City. Since 1994, we've reduced taxes by more than $2 billion - far more than any other administration in the history of the City. This has assisted the private sector in creating 300,000 jobs, including a record 84,000 private sector jobs in 1998. And the tax cuts are increasing to spur more broad-based job growth: as outlined in this financial plan, enacted and proposed tax cuts will save New Yorkers another $8 billion by Fiscal Year 2003.
But a budget isn't only about numbers. It's about making the financial decisions that enable the City to keep moving forward. That's why - to highlight just a few initiatives - we plan to continue making our historic crime reductions by strategically adding up to 1,500 new police officers to the NYPD… to continue improving the quality of education by enhancing instruction and expanding options through charter schools and parental choice… and to continue enhancing substance abuse recovery services. And we will use the revenue from the tobacco settlement to fund construction and capital improvements to our schools, as well as to make targeted investments in public health services.
With our finances more stable than they've been in a generation, the City can continue to improve the quality of life of its people and help the private sector create even more jobs. I look forward to working with the City Council and all the people of New York to secure a strong and stable City in which more and more people can reach their potential. From City Hall, this is Mayor Rudy Giuliani.