New York City’s budget gap for fiscal 2022 rises to $ 5.25 billion By Reuters

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(Reuters) – A decline in property tax revenue related to the ongoing coronavirus pandemic has opened a bigger hole in New York City’s upcoming budget, which needs Democrats in control of the White House and the United States Congress to deliver significant fiscal stimulus, Mayor Bill de Blasio said Thursday. The nearly $ 92.3 billion preliminary budget gap for the fiscal year beginning July 1 grew to $ 5.25 billion from the city’s November financial plan projection of $ 3.75 billion. . The mayor called for a substantial new round of stimulus to help offset the economic consequences of the pandemic and avoid the possibility of state funding cuts. “This is absolutely crucial to get a strong stimulus from Washington, a real stimulus, not just a survival package,” he said. “A stimulus with direct aid to New York City and all the localities. That will be the only factor of difference number one.” President-elect Joe Biden is scheduled to reveal a $ 1.9 billion plan later on Thursday. Once the epicenter of the pandemic in the country, New York City was hit last year with one-notch credit rating downgrades by Moody’s (NYSE 🙂 Investors Service and Fitch Ratings, while S&P Global (NYSE 🙂 Ratings revised its rating outlook to negative from stable.

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