Thursday, 3 May 2012 | Source: The Associated Press
Nearly half a billion dollars in settlement money that some advocates had hoped would turn into a windfall for struggling social services programs must instead be used to cover an unexpected budget shortfall in New York City, Mayor Michael Bloomberg's office said Wednesday.
(Reuters) - New York City expects a total budget gap of $495 million for the current and next fiscal years due to weaker profits on Wall Street than previously forecast, although funds from a legal settlement will largely fill the gap, an administration source said on Wednesday.
Wednesday, 2 May 2012 | Source: The Associated Press
New York City Mayor Michael Bloomberg says nearly half a billion dollars in settlement money stemming from a massive fraud should go to fill an unexpected gap in next year's city budget.
(Reuters) - New York City collected $6.79 billion from personal income tax in the first 10 months of its fiscal year ending in April, up about $211 million from the same period in 2011, though Wall Street bonuses were a bit weaker than expected, a source familiar with the matter said on Wednesday.
The technology company in charge of New York City's scandal-plagued CityTime payroll project agreed Wednesday to pay $500 million in restitution and penalties in a deal that helps it avoid prosecution.... Read More