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NYC to end fiscal year 2007 with 4.4-billion-dollar surplus
POSTED: 2:59 p.m. EDT, April 27,2007

New York City Mayor Michael Bloomberg said in an executive budget address on Thursday that higher than expected tax revenues will leave the city with a 4.4-billion-dollar budget surplus for fiscal year 2007.

But the mayor said he would not cut taxes but rather save the surplus with the anticipation of large deficits for 2009 and beyond.

The city is predicted to have large deficits totaling more than 9 billion dollars for fiscal years 2009, 2010 and 2011.

"We're not going to squander our good fortune on politically-popular giveaways which would jeopardize our future. Instead we're going to protect that future, both by wisely reducing our looming liabilities and also by encouraging continued economic growth," Bloomberg said.

Though the city is enjoying a robust economy, the mayor expressed concerns about future uncertainties.

"Nothing goes forever. There are always expenses you didn't count on," he said. "The national economy is clearly slowing down, and there is no reason to think that the real estate market here won't slow down somewhat, as well."

For fiscal year 2008 that starts in this July, Bloomberg will set aside nearly 200 million dollars to prepare the city for 2030 when the city will have 1 million more people.

From: xinhua
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