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NYC faces less gloomy economic picture: monitor (Reuters)

NEW YORK (Reuters) – New York City could end the current fiscal year with a $1.7 billion budget surplus due to higher-than-expected tax revenue, a fiscal monitor’s report said on Monday.

The additional revenue could translate to a significantly smaller budget deficit for fiscal 2012 — $1.1 billion — than Mayor Michael Bloomberg has projected, the New York City Independent Budget Office said.

Fiscal 2012 begins next July 1.

The group projects that the combination of job growth and rebounding business profits will lead to $525 million more in tax revenue this year and $790 million more next year than projected by Bloomberg.

Earlier this month, Bloomberg’s budget director, Mark Page, told the City Council that the 2012 budget gap could grow to $4.4 billion due to cuts in state aid.

(Reporting by Edith Honan; Editing by Jan Paschal)

It, NYC faces less gloomy economic picture: monitor
(Reuters)
quoted from US Economy

Short URL: http://www.usnews9.com/?p=4918

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