STATEMENT

by Kathryn Wylde, President & CEO
PARTNERSHIP FOR NEW YORK CITY

New York, New York
May 1, 2008

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Statement From Partnership for New York City President & CEO Kathryn Wylde on Mayor Bloomberg's FY 2009 Budget Proposal

“The Partnership applauds Mayor Bloomberg for anticipating the city’s economic downturn and taking early actions to prepare for it With growing uncertainty around the national economy, New York City’s budget is in considerably better shape than those of the federal government and New York State, and that is largely due to the City’s fiscal discipline over the last few years. Once again, the Mayor is proposing reasonable cuts to agency spending and using surplus money in the current fiscal year to pay down future debt.

“Now it is time for New York City to consider what tax reductions and targeted tax incentives are required to become more competitive for job creation and business investment and grow the overall tax base through economic expansion.

“While major budget gaps still loom in the out-years, this budget puts the city on good footing to manage those gaps without significant service cuts or tax hikes.”

The Partnership for New York City (www.pfnyc.org) is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city’s position as the center of world commerce, finance and innovation.