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WTC Records Folder 0123 Clippings label, Sept 2001

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Archival folder label for September 11 news clippings from the Office of the Mayor, identified as Folder 0123.

NYC-WTC_000136990–000137112

Folder label: “Folder 123

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NYC 9/11 Public Portal Document Economic and Tax Revenue Forecasts Underpinning the FY 2002 Budget Were Conservative ADOPTED BUDGET FORECAST • Securities industry profits were forecast to fall from $21 billion in 2000 to $5.5 billion in 2001 and bonuses were forecast to decline by almost two-thirds. • Corporate profits were forecast to decline 6% in 2001 compared to double-digit growth in 2000 as a result of a slowing US economy. • Capital gains realizations were forecast to fall 28% in 2001 due to the weaker stock market. Because of these assumptions, FY2002 non-property taxes in the Adopted Budget (adjusted for tax law changes) were forecast to fall $500 million below the FY2001 level. As a result of the events of September 11h, steeper declines in US GDP and corporate profits, further drops in capital gains realizations, local job losses of over 100,000 and a temporary disruption in tourism and related spending could reduce tax revenue this year by an additional $1 billion. C

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NYC-WTC_000137010Source: NYC Law Department, mirrored locally

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