Daily Archives: January 31, 2009

The State of the City

From ABC News:

With tax revenues continuing to drop, New York City faces a $4 billion deficit for fiscal year 2010 and could resort to layoffs and attrition from the city’s 310,000-member workforce to close the gap, city officials said late Thursday.

The cuts and layoffs could result in the elimination of more than 23,000 jobs, or just more than 6.5 percent of the current workforce, a number that has been projected by ABC News for the past several months.

On Friday, Mayor Michael Bloomberg will lay out his plan to close the budget gap, including new initiatives and about $1 billion in cuts for city agencies.

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