Mayor talks up prosperous future for BK, city taxpayers in budget speech

BROOKLYN - Tax-free shopping and lower property taxes are a few changes Brooklyn and city taxpayers have to look forward to, according to the mayor's budget speech Thursday.

Mayor Michael Bloomberg (R-NYC) outlined the $57.1 billion 2008 fiscal year budget at City Hall. The 2008 budget includes more than $1.2 billion in tax cuts in the form of property taxes and the elimination of all sales tax on clothing. The plan also sets aside $500 million for a trust fund created last year to pay health benefits for retired city employees. The mayor wants to make improvements at the Brooklyn Navy Yard and other sites as well as improve security. He is also calling for $2 billion to be allocated to schools in the coming years.

The tax cuts were spurred by a $3.9 billion budget surplus from the 2007 fiscal year, which ends June 30. The billionaire mayor says New Yorkers who sacrificed when he raised taxes deserve relief. However, Bloomberg plans to carry about $1.4 billion of the surplus into the next fiscal year, saying it's best to plan for future problems.

The City Council and mayor must hammer out the details of the plan before releasing a finalized budget.

advertisement | advertise on News 12

Trending Video

More than 2,000 people took part in the 1 Thousands attend NYPD Cares 5K for kids with disabilities
The victim, a man in his 20s, was 2 Man shot in head during Williamsburg drive-by shooting
More than 200 Brooklyn residents received a goody 3 Expecting moms attend massive baby shower in E. Flatbush
Three of the five children of slain first 4 Children of slain first responder announce Jets draft pick
MS-13 has been blamed for a trail of 5 AG Jeff Sessions to visit Long Island on gang violence

advertisement | advertise on News 12


Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.