Jul 28, 2008 12:42 pm US/Eastern
Bloomberg Warns Of Looming $2.3 Billion Budget Gap
NEW YORK (AP) ―
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New York City Mayor Michael Bloomberg listens as California Gov. Arnold Shwarzenegger speak during a press conference in Los Angeles on Jan. 19, 2008, to announce that they will work together to create a bi-partisan coalition for federal infrastructure inv
Gabriel Bouys/AFP/Getty Images
Mayor Michael Bloomberg says New York is going to have to keep spending in check because it's facing a budget gap of $2.3 billion.
Bloomberg and other officials testified Monday at a meeting of the Financial Control Board, which was set up in the 1970s when New York City was facing bankruptcy.
City Comptroller William C. Thompson praised Bloomberg for setting aside surplus resources as a hedge against the deteriorating economy and softening housing market.
Thompson noted that the city budget for fiscal year 2009 is balanced but warned of larger-than-expected budget gaps in the future, in part due to growing debt service.
In other testimony, Gov. David Paterson confirmed he will give a televised address Tuesday about the state's dire fiscal straits.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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