Two fiscal monitors of New York City released updated budget reports yesterday that reiterated warnings of potentially large budget gaps in fiscal 1992, partially caused by a weak economy and higher-than-projected expenditures.

City Comptroller Elizabeth Holtzman released a report saying the city may have to contend with a projected $419 million budget gap for fiscal 1992, which began July 1. Part of the problem, the report says, is an estimated $234 million shortfall in city tax revenues and $174 million more in spending.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.