NYC-WTC_000195490

NYC 9/11 Public Portal Document

bviE City of Nev/ York Office of the Mayor New York, N.Y. looor

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/I. April 25,2001 i

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To the Citizens of the City of New York Members of the City Council Members of the Financial Control Board

RI Ladies and Gentlemen: I i Since emerging from the 1990-91 recession, economic growth in the U.S. has averaged 3.8 percent a year, even accelerating in the past year to fiye percent. This year, however, the projected increase could be as little as one percent and we are seeing a slowdown in the growth ofjobs.

i The City is not immune to these national forces. Although in the near term the economy is holding up well, with employment still growing and tax receipts still on plan, we must how be cautious in the outlook for next year, for both the local economy and our expectations for revenue growth.

Fortunately, the City is in better shape going into this economic slowdown than was the case back in 199p. The choices we have made over the last seven years to reduce growth ip government spending, cut taxes, improve core City services, reduce dependency and rS lower crime, will not only provide a foundation for economic growth long-term, but will help the City weather economic weakness in the short-term.

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I-. I I" J NYC-WTC_000195492