1. B A L A N C I N G T H E G O T H A M C I T Y B U D G E T A BUDGET PLAN OF, BY AND FOR COSMOPOLITANS Drafted by SOLVEIG A. WILDER Submitted to PROFESSOR MANNY TIRADO for PoliSci Computer Applications At the CUNY GRADUATE CENTER FOR WORKER EDUCATION
2. I T S E E M S T H E R E I S A “ 2 0 0 8 G L O B A L E C O N O M I C C R I S I S ” HIGH OIL PRICES triggered … AN INCREASE IN FOOD PRICES which resulted in … GLOBAL INFATION which triggered … A SUBSTANTIAL CREDIT CRISIS which caused … MAJOR BANKRUPTCIES AND STOCK MARKET FAILURES which has led to … INCREASED UNEMPLOYMENT AND HOUSING FORECLOSURES which could culminate in … A GLOBAL RECESSION ! ! !
3. “ R I P P L I N G E F F E C T S “ A R E B E I N G F E L T A R O U N D T H E W O R L D 1 IN EUROPE several major financial institutions have failed or have needed rescuing. IN ASIA, despite concerted efforts to sufficiently de-couple from the Western financial systems, countries have seen their stock markets suffer and currency values spiral downward . IN LATIN AMERICA there will be much slower growth than expected as a result of a loss of trade to the US, which absorbs 50% of all Latin American exports. IN THIRD WORLD NATIONS financial instability coupled with a rise in food prices have resulted in high fuel costs and soaring commodity prices. 1 See GLOBAL ISSUES
4. I N T H E U N I T E D S T A T E S, T H E D O M I N O E S A R E F A L L I N G O N E R I G H T A F T E R T H E O T H E R 2 THE DEMISE OF LEHMAN BROTHERS, a global investment bank, triggered... THE RUSHED SALE OF MERRILL LYNCH, a leading global financial management and advisory company, which forced … BANK OF AMERICA, the buyer and leading financial institution, to cut thousands of jobs, which necessitated… AMERICAN INTERNATIONAL GROUP (AIG), a global insurance and financial service, to be taken over by the federal government, which could not stop… A NATIONWIDE CREDIT CRISIS ! ! ! 2 See TIME BUSINESS & TECH
5. T H I S G L O B A L E C O N O M I C C R I S I S I S H U R T I N G M U N I C I P A L I T I E S N A T I O N W I D E NEW YORK CITY will be hardest hit because Wall Street supplies 9% of its revenues, employs 5% of its workforce, and pays 20% of its wages. MAYOR MICHAEL BLOOMBERG announced on October 3rd that there will be a $2.3 billion dollar budget gap 3 . GOVERNOR DAVID PATERSON said later that same day that the crisis on Wall Street will create a budget “emergency” throughout New York State 4 . LOS ANGELES will be hard hit because it is a hub for sub-prime mortgage lenders. Since 40% of homes now sold are foreclosures, new construction has nearly come to a halt. Unemployment has risen from 5% to 7.9%, and joblessness is up from the statewide average of 7.7% to 9.2% 5 . MAINSTREET MUNICIPALITIES with large percentages of residents working in finance, real estate, insurance, and leasing (i.e., Darien CT, Bloomington IL, and Hoboken NJ) must cope with a sudden big drop in tax revenues 6 . 3 See BLOOMBERG.COM 4 See NEW YORK POST 5 See DEADLINE USA 6 See YAHOO NEWS!
6. G O T H A M C I T Y W I L L B E H I T H A R D A S W E L L B Y T H E G L O B A L E C O N O M I C C R I S I S $ 7,080,490,000 TOTAL REVENUES $ 525,000,000 Other Taxes/User Fees $ 2,921,625,000 General Corporations $ 90,000,000 State Aid $ 700,000,000 Federal Aid $ 68,850,000 General Sales Tax $ 1,466,965,000 Personal Income Tax $ 1,308,050,000 Property Tax REVENUE SOURCES/TAXES $ 1,057,212,058 Debt Services $ 7,907,805,014 TOTAL EXPENDITURES $ 410,165,820 Other $ 860,028,400 Education $ 285,607,200 Environmental $ 516,108,000 Transportation $ 14,770,000 Libraries & Museums $ 329,122,000 Health $ 859,213,536 Social Services $ 559,515,000 Corrections $ 369,081,000 Sanitation $ 848,130,000 Fire $ 1,590,092,000 Police $ 208,760,000 General Administration EXPENDITURES/GOTHAM CITY AGENCIES $827,315,014 A P R O J E C T E D B U D G E T D E F I C I T O F
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9. G O T H A M C I T Y C O U L D B A L A N C E I T S B U D G E T T H E N E W Y O R K C I T Y W A Y $ 7,315,939,000 TOTAL REVENUES $ 525,000,000 Other Taxes/User Fees $ 2,921,625,000 General Corporations $ 90,000,000 State Aid $ 700,000,000 Federal Aid $ 68,850,000 General Sales Tax $ 1,466,965,000 Personal Income Tax $ 1,543,499,000 Property Tax Increase REVENUE SOURCES/TAXES WITH A PROPERTY TAX INCREASE $ 977,921,154 Debt Services $ 7,314,719,638 TOTAL EXPENDITURES $ 379,403,384 Other $ 795,526,270 Education $ 264,186,660 Environmental $ 477,399,900 Transportation $ 13,662,250 Libraries & Museums $ 304,437,850 Health $ 794,772,521 Social Services $ 517,551,375 Corrections $ 341,399,925 Sanitation $ 784,520,250 Fire $ 1,470,835,100 Police $ 193,103,000 General Administration EXPENDITURES/GOTHAM CITY AGENCIES WITH 7.5% ACROSS THE BOARD CUTS $1,219,362 A P R O J E C T E D B U D G E T S U R P L U S O F
12. G O T H A M C I T Y C O U L D B A L A N C E I T S B U D G E T T H E C A L I F O R N I A W A Y $ 7,080,490,000 TOTAL REVENUES $ 525,000,000 Other Taxes/User Fees $ 2,921,625,000 General Corporations $ 90,000,000 State Aid $ 700,000,000 Federal Aid $ 68,850,000 General Sales Tax $ 1,466,965,000 Personal Income Tax $ 1,308,050,000 Property Tax Increase REVENUE SOURCES/TAXES $ 1,057,212,058 Debt Services $ 7,078,735,668 TOTAL EXPENDITURES $ 381,454,213 Other $ 627,820,732 Education $ 265,614,696 Environmental $ 479,980,440 Transportation $ 13,736,100 Libraries & Museums $ 240,259,060 Health $ 687,370,829 Social Services $ 520,348,950 Corrections $ 343,245,330 Sanitation $ 788,760,900 Fire $ 1,478,785,560 Police $ 194,146,800 General Administration EXPENDITURES/GOTHAM CITY AGENCIES WITH 7% SALARY CUTS & 20% CUTS TO SOCIAL SERVICES, HEALTH & EDUCATION $1,754,332 A P R O J E C T E D B U D G E T S U R P L U S O F
15. G O T H A M C I T Y C O U L D B A L A N C E I T S B U D G E T T H E M A I N S T R E E T W A Y 11 See BROOKLYN BRIDGE-HISTORIC OVERVIEW $ 7,080,490,000 TOTAL REVENUES $ 525,000,000 Other Taxes/User Fees $ 2,921,625,000 General Corporations $ 90,000,000 State Aid $ 700,000,000 Federal Aid $ 68,850,000 General Sales Tax $ 1,466,965,000 Personal Income Tax $ 1,308,050,000 Property Tax REVENUE SOURCES/TAXES $ 1,057,212,058 Debt Services $ 7,907,805,014 TOTAL EXPENDITURES $ 410,165,820 Other $ 860,028,400 Education $ 285,607,200 Environmental $ 516,108,000 Transportation $ 14,770,000 Libraries & Museums $ 329,122,000 Health $ 859,213,536 Social Services $ 559,515,000 Corrections $ 369,081,000 Sanitation $ 848,130,000 Fire $ 1,590,092,000 Police $ 208,760,000 General Administration EXPENDITURES/GOTHAM CITY AGENCIES $27,315,014 A P R O J E C T E D B U D G E T S U R P L U S O F $800,000,000 FOR THE SALE OF THE BROOLKYN BRIDGE 11
17. G O T H A M C I T Y W I L L B A L A N C E I T S B U D G E T T H E C O S M O P O L I T A N W A Y LET’S PUT ON A SHOW! LET’S PUT ON A SHOW!
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19. IF W E O R G A N I Z E 2 7 C I T Y W I D E E V E N T S A N D R A I S E $ 1 0 0 , 0 0 0 P E R E V E N T 14 14 See SPECIAL EVENTS FUNDRAISING OVERVIEW & HISTORY
20. A N D I F W E D U M P T H E E N T I R E G O T H A M C I T Y O F F I C E O F B U D G E T & M A N A G E M E N T $1,057,212,058 FOR “DEBT SERVICES”?!!!
21. G O T H A M C I T Y W I L L H A V E A B A L A N C E D B U D G E T W I T H M O N E Y T O S P A R E ! ! ! $ 2,700,000 Special Events $ 7,083,190,000 TOTAL REVENUES $ 525,000,000 Other Taxes/User Fees $ 2,921,625,000 General Corporations $ 90,000,000 State Aid $ 700,000,000 Federal Aid $ 68,850,000 General Sales Tax $ 1,466,965,000 Personal Income Tax $ 1,308,050,000 Property Tax REVENUE SOURCES/TAXES $ 6,850,592,956 TOTAL EXPENDITURES $ 410,165,820 Other $ 860,028,400 Education $ 285,607,200 Environmental $ 516,108,000 Transportation $ 14,770,000 Libraries & Museums $ 329,122,000 Health $ 859,213,536 Social Services $ 559,515,000 Corrections $ 369,081,000 Sanitation $ 848,130,000 Fire $ 1,590,092,000 Police $ 208,760,000 General Administration EXPENDITURES/GOTHAM CITY AGENCIES $23,597,044 A P R O J E C T E D B U D G E T S U R P L U S O F
