Even after reducing the city's preliminary spending plan by $6 billion, Mayor de Blasio said his April 16 Executive Budget would need a major infusion of aid from the Federal Government to avert severe cuts for the fiscal year that begins July 1.
The economic fallout from the restrictions imposed by both the city and state to cope with the coronavirus pandemic has forced his administration to anticipate $7.4 billion less in tax revenue between now and June 30, 2021, he said from the City Hall Blue Room. Noting that Governor Cuomo is projecting a state budget deficit of $10-$15 billion, Mr. de Blasio said the city has already absorbed $800 million in state-aid cuts and anticipates others
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