Report: $1.1 Billion Budget Gap for N.Y.C. for 2010

There is a $1.1 billion shortfall in the most recent budget Michael Bloomberg presented to city lawmakers, according to the Independent Budget Office, which just released its analysis of that presentation.
The gap mainly comes from the IBO projecting lower tax revenues than the mayor is expecting.
Also, that gap “could increase” because of contracts with the United Federation of Teachers and District Council 37, which are up for renewal this year, the IBO report says.
The report says the majority of job cuts the mayor is banking on to help reduce labor costs are not primarily coming from city agencies.
“Although not typically counted towards city job cuts, about half the total layoffs accounted for in the Mayor’s plan would come at organizations other than city agencies, including more than 900 in the library systems and 400 at cultural institutions.