WTC Records Folder 0123 Clippings label, Sept 2001

NYC-WTC_000137022 |= ity, swnturn could drain billions revenue; state has larger reserve STATE” GOVERNMENT, like the city, could be facing ‘a multibillion-dollar hit from tax revenues as a result of the mic downturn caused by the 1 Trade Center disaster. impact that it has on the sales and income tax rev- nue will be at least as large for the te,” says Robert Kurtter, senior vice president of Moody’s Investors City officials have made prelim- inary estimates that New York City d lose up to’ $3 billion in tax venues this year because of the terrorist attacks. Unlike the city, however, the state has a larger re- serve with which to cope with any shortfall, Mr. Kurtter says. The state treasury has a $4 billion surplus left over from the last fiscal year, and another $4 bil- lion in the current year because the “bare-bones” budget did not appropriate all of the state’s revenues. However, Moody’s also says the State looking at big tax loss finances of New York City, the Port Authority of New York & New Jer- sey and the Battery Park City Au- EOVERNMENT thority are strong enough to withstand the econom- ic downturn created by the World Trade Center disaster. Moody's said the ' city’s A2 rating would not be downgraded. GETTING OUT THE VOTE V Fearing a low turnout in Tues- FULL FLOOR IDENTITY AT THIS ADDRESS OF 461 FIFTH DISTINCTION day's rescheduled primary, state Democratic Chairman Judith Hope is launching a campaign urg- ing New Yorkers to vote. “It (low turnout) is a real possi- ‘bility, and it would be a bad thing for New York City for people to be scared away from the voting booth or to feel too much despair to cast a vote,” she says. Ms. Hope has reached out to celebrities such as Paul Newman, Magic Johnson and Glenn Close, asking them to record public serv- ice announcements. And she is call- ing radio and television stations, asking them to run the PSAs. LEGISLATURE VW It looks like the state Legisla- ture, which is usually out of session this time of year, will be in session for most of the rest of the year to deal with issues related to the World Trade Center attack. As- sembly Speaker Sheldon Silver, whose district includes the trade center, says one possible initiative Jawmakers will consider is desig- nating lower Manhattan as a state banking development district. Another possibility is creating a “modified Empire Zone” down- town to provide tax breaks to busi- nesses that create both new and what he called “rebuilt” jobs. KEY HEALTH BILLS V While most of New York state’s legislative agenda has been put on the back burner following the de- struction of the World Trade Cen- ter, two key pieces of health care legislation will expire next month unless lawmakers take action. One piece of legislation in lim- bo would extend state funding for medical malpractice insurance for medical specialists and health care facilities. Also, legislation that ex- panded Child Health Plus to more families will expire on Oct. 31. NYC 9/11 Public Portal Document