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February 7, 2011 11:49 am

NYC Vs. Albany Over City Budget

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Wall Street Journal – Gov. Andrew Cuomo’s proposed state budget increases New York City’s deficit for the upcoming fiscal year by an estimated 58%, creating an “immediate $1.4 billion gap” on top of an already existing shortfall of $2.4 billion, City Comptroller John Liu plans to tell Albany lawmakers in testimony Monday.

The analysis of the governor’s proposed budget by Mr. Liu, the city’s chief financial officer, shows the fiscal impact on the city is greater than Mr. Cuomo indicated but less than what Mayor Michael Bloomberg warned last week.

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