Assemblymember Jim Brennan, Chair of the Assembly Standing Committee on Cities, said the total elimination of AIM (Aid and Incentives for Municipalities) funds in the State budget to New York City is unfair to the largest city in the State. AIM is the name given to unrestricted revenue sharing funds the State gives to local governments to assist them in paying for local services. New York City is now receiving $301 million in the State budget and the Governor has proposed its total elimination. His budget proposed a cut of $15 million to other municipalities around the state out of the $750 million total for 2009-10.
In 1988, at the peak of revenue sharing across New York State, New York City received $535 million. If it had been increased at the rate of inflation, today New York City would be receiving $968 million in Aid for Incentives for Municipalities (AIM), as revenue sharing is called today.
"Revenue sharing was created to provide core state support for municipalities to avoid over reliance on property taxes to pay for basic services," said Mr. Brennan. "That was its purpose in the 1970ís and that is equally relevant in 2010. A total elimination of this revenue stream to New York City is unfair and uncalled for," he continued. "I call on the governor to restore the funding for New York City," Mr. Brennan concluded.