Posted by City officials are considering an increase in the city’s personal income tax as they confront multibillion-dollar budget gaps in coming years, Council Speaker Christine C. Quinn said on Wednesday.
In remarks to the Citizens Budget Commission, a nonprofit civic association, Ms. Quinn said that even after the city rolls back a 7 percent property tax cut it enacted last year and agencies fulfill budget cuts ordered for this fiscal year and next, the city would still have not raised enough to bridge a $5.2 billion gap projected for the 2011 fiscal year — a figure that does not take into account the effects of the worldwide financial crisis.
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