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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_000136708
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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. Coupled with the extraordinary demand for immediate new expenditures related to the disaster response, the City is facing a cash flow shortfall in the immediate near term, and the State may reach that point as well.

➢ It is the intent of the City and the State to maintain the level of vital public services that existed prior to September 11"' as required under State and City statutes, while also addressing the extraordinary needs in the wake of the terrorist attacks.

> The State believes that tax increases or providing further stress on the unemployment insurance system is counterproductive at this time.

> The financial services industry, which was most directly and profoundly impacted by the attacks, is by far the most important 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.

Our analysis indicates that the State could experience significant direct and indirect revenue losses stemming from the attack. We continue to gather the hard data necessary to this analysis but even under the most optimistic assumptions, the loss to both the State and the City will be extraordinary absent some form of unrestricted Federal economic aid. This aid will likely be needed very quickly and over a period of years to allow the City and State to maintain vital services.

C:\windows\TEMP\4-point stimulus plan.doc q3

NYC-WTC 000136708

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NYC-WTC_000136708Source: NYC Law Department, mirrored locally

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