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WTC Records Folder 0140 label, 2001

Machine-extracted title · confidence 100%

Archival folder label from the Office of the Mayor for World Trade Center records, identified as Folder 0140.

NYC-WTC_000136670–000136818

Folder label: “Folder 140

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Scanned page image, NYC-WTC_000136774
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NYC 9/11 Public Portal Document

ECONOMIC RESTITUTION The destruction in lower Manhattan disrupted or eliminated revenue streams that support the day-to-day functions of the City and the State. Our current analysis demonstrates that New York State could experience revenue losses of as much as $9 billion over the next 18 months and New York City forecasts a loss of up to $3 billion. (See attached Analysis of Revenue Loss). Unrestricted Federal aid to the State and City are essential if government is:

> to maintain the level of vital public services that existed prior to September 11th as required under State and City statutes, while also addressing the extraordinary needs in the wake of the terrorist attacks.

> avoid tax increases or untenable program cuts which in addition to other economic impacts would further stress the unemployment insurance system, actions which would work at cross purposes with Federal Economic Stimulus Initiatives.

> To manage the consequences of the attack on the financial services industry, which is by far the most significant industry to the State and the City in terms of generating taxable incomes for both individuals and corporations, and is one of the primary engines which drives the national economy.

While unrestricted financial aid will provide the most direct and flexible assistance in meeting these challenges, alternative options include increased Federal financial participation in programs such as Medicaid.

J:\PR\WTc\WTC4.doc 10

NYC-WTC 000136774

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NYC-WTC_000136774Source: NYC Law Department, mirrored locally

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