Finance

New York City Faces $811 Million Budget Gap in 2014

New York City faces an $811 million budget shortfall in fiscal year 2014 and lowered revenue projections in part because of Superstorm Sandy, the city's Independent Budget Office said on Thursday.
December 28, 2012
 

New York City faces an $811 million budget shortfall in fiscal year 2014 and lowered revenue projections in part because of Superstorm Sandy, the city's Independent Budget Office said on Thursday.

The city's tax revenue collections are likely to grow by just 3.4 percent in fiscal 2014 to $44.8 billion. That figure is $347 million lower than the IBO projected in May, it said.

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