City Council to adopt budget, override mayoral vetoes
June 28th, 2012

The City Council is expected to adopt a $68.5 billion budget at today’s stated meeting that preserves funding for child care and after school programs, while at the same time raising no new taxes.

But fiscal policy experts say the budget also makes the risky assumption that the the city will reap hundreds of millions of dollars in revenue from the sale of taxi medallions. The sale has been held up in court.

The Council also plans to override mayoral vetoes on bills that call for a so-called “living wage” on some city-subsidized projects and a “Responsible Banking Act.”

Bloomberg called the living wage bill “a throwback to the era when government viewed the private sector as a cash cow to be milked, rather than a garden to be cultivated.” The living wage bill would apply to companies that receive at least $1 million in city subsidies.

Bloomberg was equally dismissive of the banking bill.

“Nobody would argue, I would think, that the city has the expertise or the resources to try to regulate the banking industry,” he said at the time the bill was passed by the Council.

By on June 28, 2012, 10:26 am
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