City Could Enjoy Unexpected Revenue
By Special to the Sun | March 2, 2007
The city could realize hundreds of millions of dollars in unexpected revenue over the next two years, a new report says.
An analysis of the mayor's financial plan by State Comptroller Thomas DiNapoli says that by next year, the city could see an extra $650 million in tax revenues beyond current conservative projections.
Mr. Dinapoli's report credited a thriving real estate market and record profits and bonuses on Wall Street with boosting the city's coffers, though he cautioned that external forces such as Medicaid cuts or cost overruns in large public development projects could add unexpected strains to the budget in coming years.
