Thompson: More Doom to Come
September 17th, 2008

Nothing, emphasis on nothing, is off the table when it comes to responding to the economy and its affect on the city budget, said Comptroller William Thompson this morning at a Citizens Union sponsored breakfast brief.

That includes the 7 percent tax break given to New York City property owners for the last several years.

There are things that we are not going to be able to do, like property tax cuts that we did before, Thompson told a standing room only audience at New York University this morning. As we continue to assess, everything is back on the table.

And what the city has already planned for in this years budget, including 25,000 in job losses and a 12.5 decrease in revenue from the personal income tax, may not give us immunity from the recent turmoil on Wall Street. Sure we planned, said Thompson, but the worse is yet to come.

Mayor Michael Bloomberg released a statement last night saying the Lehman Brothers-Barclays PLC takeover agreement would salvage the bulk of Lehman’s New York City-based employees. But, Thompsons assessment was more somber.

Granted, like a briefing he attended with Bloomberg and Council Speaker Christine Quinn on Monday, Thompson said so far the city is well prepared to weather the financial storm.

The economy was just one topic in this mornings brief hosted by the sister organization of Gotham Gazettes publisher. Thompson opined on term limits, calling the possible extension of them by the City Council a run around of democracy. (Though he declined to say what he would do if the council successfully passed legislation to give officials another term. He is currently a likely mayoral candidate.)

Its wrong, said Thompson. I dont care how it would be dressed up It would be a backroom deal.

Thompson also criticized the lack of transparency in the Department of Education and expressed conditional support for mayoral control, arguing for more parental involvement.

By on September 17, 2008, 11:16 am
In category: Gotham City | 1 Comment »

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