NYC 9/11 Public Portal Document
Adopted Budget Forecast:
US GDP fell from 5% in 2000 to 1.7% in 2001
Corporate Profits fell from 12.5% growth in 2000 to a 6.1% decline in 2001
Securities Industry Profits fell from $21 billion in 2000 to $5.5 billion in 2001
Local Employment gains fell from nearly 100,000 in 2000 to 32,000 in 2001 and 7,400 in 2002
Wages fell 1.7% in FY2001, due primarily to declines in bonuses
Capital Gains Realizations fell 28% in 2001.
As a result of this forecast non-property taxes were forecast to fall $816 million below the FY2002 level
(adjusted for tax law changes FY2002 was projected to fall $509 million below the FY2001 level, or
3.4%).
FY2001 FY2002
Non-property Taxes
Before STAR & TFA $14,937 $14,121
The preliminary outlook which calls for steeper drops in GDP, corporate profits, jobs and capital gains
could reduce revenue by another $1 billion.
NYC-WTC 000136400
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