Archive for July, 2008

Governor Paterson Calls Legislature back to Albany for Special Economic Session on August 19

2009-2010 Budget Deficit Now Projected at $6.4 Billion, a 22 Percent Increase in 90 Days

Governor Calls on State Government to “Follow the Lead” of New York Families and Dramatically Cut Spending

Governor David A. Paterson today (July 29, 2008) delivered the following speech to the citizens of New York State during a live televised broadcast:

Gov. Paterson expected to demand spending cuts to bloated budget

By Kenneth Lovett and Erin Einhorn

When Gov. Paterson takes to the airwaves Tuesday night, he’s going to say that the crumbling economy has ballooned next year’s state budget deficit to well over $6 billion, the Daily News has learned.

Two sources, one who reviewed a draft version of the speech and one who was briefed, said the deficit could be pegged as high as $6.4 billion, up from the previous $5 billion estimate.

Comptroller Projects Budget Shortfall for City

by Grace Rauh

The city, already under pressure from an economic downturn and an anticipated loss of tax revenues, is facing larger-than-expected budget gaps, according to the city comptroller.

Comptroller William Thompson Jr.’s budget projections, which he will present at today’s meeting of the New York State Financial Control Board, mark the second time a fiscal monitor is reporting that the city is underestimating its financial shortfall for future years. Mr. Thompson projects that weak tax revenues and overtime costs will create a $68 million gap in this year’s budget and that the city faces budget gaps of nearly $5.7 billion in 2011 and $5.4 billion in 2012, about $538 million and $334 million more than the city had projected, respectively. In a report issued yesterday, the comptroller states his concern about the city’s rising debt service costs, which he expects will increase by 7.6% a year over the next few years. Last year, the city’s outstanding gross debt totaled more than $7,000 a person, according to his office.

BALCONY GOLF OUTING A BIG SUCCESS

“Business and labor must work together to keep the New York City and New York state economy moving forward and BALCONY can help that happen,” stated New York City Comptroller Bill Thompson as he addressed more than 130 golfers and friends at the Inaugural BALCONY Golf Outing held on July 21st at Rockville Links on Long Island. Thompson joined BALCONY co-chairs Alan Lubin and Bruce Ventimiglia along with host Donald Carey in citing BALCONY’s work on behalf of a sound economic development program for New York, providing registration for health care screening to 9/11 workers and volunteers , addressing the state’s property tax issue and finally assisting in the development of an Affordable Health Care Plan for All New Yorkers. First American Title Insurance Company of New York, Saratoga Capital Management, LLC and the New York State United Teachers were the prime sponsors of the golf outing.

Donald Carey, Executive Vice President of First American Title Company of New York , played auctioneer inducing the audience to purchase several exotic items which included
a golf trip to Ireland, a luxury Yacht sunset cruise around Manhattan , a New York Broadway Theater weekend and a trip to a Greek Resort. In all everyone had a great time, as golfers won prizes for the best score, the longest drive and the closest to the pin shots. A silent auction featuring tickets to Mets, Yankees and Nets games as well as many sports and entertainment memorabilia was a success, as more than 25 items were purchased by the BALCONY attendees. More than 45 businesses, unions, restaurants, resorts, and trade associations joined in sponsoring the BALCONY event. (click here) Angela Severiano, BALCONY Director of Events and Lou Gordon, BALCONY Director were lauded for their efforts to manage the outing.

View photos from the BALCONY Golf Outing by clicking here.

NYSUT gets the word out on ‘circuit breaker’ approach to property tax relief

ALBANY, N.Y. July 23, 2008 - New York State United Teachers today launched a new advertising campaign exposing the major flaws of a proposed property tax cap and calling on state leaders to instead pass “circuit breaker” legislation to provide real tax relief to strapped homeowners.

The two-week, $350,000 television and radio campaign will initially air in the Capital Region and on Long Island. It may be expanded statewide – with much heavier air play – in the weeks to come, depending on developments at the state Capitol, NYSUT leaders said.

“A tax cap is a gimmick that does nothing to lower property taxes for hard-pressed New Yorkers,” said NYSUT President Richard C. Iannuzzi. “A tax cap would harm education programs, widen the achievement gap and reduce local control over schools. For those state leaders who are really serious about providing tax relief, there are other, better options, including a circuit breaker.”

NYSUT Executive Vice President Alan B. Lubin noted that recent polls have shown that New Yorkers indeed favor a circuit breaker approach, which would help New Yorkers by holding property taxes to a percentage of their household income.

“A circuit breaker would deliver real, meaningful tax relief to those senior citizens and middle-class homeowners who need it the most, based on their ability to pay,” Lubin said. “It’s the right approach. It would actually reduce New Yorkers’ property taxes without harming school programs.”

The television ad, called No Foolin’, features a senior citizen sitting in her home, reading the newspaper and noting: “Albany’s talking about property tax relief, but they can’t fool me. This so-called tax cap is nothing but a gimmick. Its one-size-fits-all approach for school funding takes away local control. My taxes will still go up. And deep cuts to school programs will hurt our kids.”

As she pours herself a cup of coffee, she adds, “There is a better idea. It’s called a circuit breaker and it would cut taxes for seniors and middle class families … right now. That sure sounds good to me.”

The television spots are airing on network and cable television stations in the Albany and Long Island markets. The 60-second radio ads, which follow a similar script, can also be heard on news radio stations in both markets. The radio and TV ads are supplementing billboard and print ads that have been running in daily and weekly newspapers.

VIDEO