New York City Risks Larger Deficits Than Forecast, DiNapoli Says
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New York City’s budget for the current fiscal year is balanced, though deficits may be worse than the mayor predicted, said New York State Comptroller Thomas DiNapoli.
In his annual review of the city budget, DiNapoli said today shortfalls may be as large as $5.1 billion next year, rising to $6.8 billion in 2014. The $63.8 billion budget Mayor Michael Bloomberg and the City Council approved for fiscal 2011, which began July 1, forecast potential gaps of $3.3 billion in 2012 and $4.8 billion in 2014.