As expected, NYC is cutting services ($500 million this year and $1 billion next). Except for five agencies, it’s an across-the-board 2.5% cut starting now and a 5.0% cut for the next fiscal year, starting July. For example, that’s a $94.7 million cut in police funding and a $185.4 million cut for the Dept. of Education this year. This is in addition to the potential 7% increase in property taxes.
