New York City balanced its $68.7 billion spending plan for fiscal 2013 with revenue from $7.3 billion in Wall Street firms’ first-quarter profits, state Comptroller Thomas DiNapoli said.
New York Stock Exchange firms bounced back after losing $2 billion in the fourth quarter of 2011, DiNapoli said in his yearly analysis of the city budget…
The city’s finances remain at risk because of “heightened concerns” that the European sovereign debt crisis will further slow the U.S. recovery, which would have a disproportionate impact on a city in which Wall Street provides the most revenue of any industry, DiNapoli said…
The mayor’s budget, presented in May, assumed Wall Street profits would total $10 billion in 2012, increasing to $13.4 billion by 2016. The $7.3 billion profit in the first quarter “greatly exceeds” the city’s expectations, DiNapoli said.
via New York City Budget Balanced With Help From Wall Street – Bloomberg.
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