Avoiding cuts to essential services in New York City such as police, fire and sanitation, Assembly Speaker Sheldon Silver, Ways and Means Committee Chair Herman D. Farrell, Jr. and Cities Committee Chair James Brennan announced today that the SFY 2009-2010 budget would provide $328 million in Aid and Incentives to Municipalities (AIM), helping to maintain vital services for city residents. The assistance, which was provided in part by federal stimulus funds, also averts various fees and tax increases that would have a direct impact on working families in New York City.
The budget will help New York City pay off $170 million in debt by providing funds for the prior refinancing of Municipal Assistance Corporation (MAC) bonds.
"It has been decades since New York City has faced proposed cuts of the magnitude brought on by this economic downturn," said Silver (D-Manhattan). "Despite the challenges the economy presents us, our budget needed to help New York City avoid drastically reducing police, firefighters and sanitation services, or passing the burden to working families through various fee increases. New York City must remain attractive for economic development and affordable for residents."
"While this budget provided funding for education, CUNY and the New York City Housing Authority, the Aid and Incentives to Municipalities revenue ensures that the critical daily services needed in New York City will not be in jeopardy," said Farrell (D-Manhattan).
"The AIM program, once known as revenue sharing, is critical to provide New York City the financial flexibility it needs to continue providing the basic services of city government," said Brennan (D-Brooklyn). "These services include education, public safety, health care and many other important programs. That is why the full restoration of $328 million in assistance is so important."The SFY 2009-2010 Budget helps New York City residents by: