21 Council Members to Speaker Quinn: $653 Million Available To Restore Cuts

CM Debi Rose says Speaker Quinn should move now on $658M in revenue to restore cuts.

by Michael Kink

Twenty-one members of the New York City Council delivered a letter to Speaker Christine Quinn on Thursday, urging her to move forward with $653 million in alternative sources of revenue to roll back most of the worst cuts proposed by billionaire Mayor Mike Bloomberg.

According to the Council Members, “with improved government administration and a fair-share approach to City contracting, budgeting and fiscal policy, another New York City is possible – a City that is stronger, smarter, more humane and more prosperous is within our reach. We can stop the cuts this year – and we can start to invest in our communities again instead of hurting them. The City has the financial ability to avoid more cuts and allow investments by incorporating $653 million of real revenue options into the FY13 budget.”

The proposals include:

*$358 million from unclaimed Medicaid reimbursements at the Department of Education
*$60 million from cutting City contracts with the six biggest banks
*$235 million from reforms to the City Unincorporated Business Tax, including taxing “carried interest” profits at hedge funds.

The revenue ideas were developed with 99%NY and the May 12 Coalition, including key staff from New York Communities for Change, the United Federation of Teachers, the Fiscal Policy Institute, the Human Services Council, Coalition for the Homeless, United NY and the Strong Economy for All Coalition.

Council members and advocacy groups will be pushing hard to get Speaker Quinn and the full Council to support these ideas at the last full day of budget hearings this Wednesday, June 6 at City Hall.

Supporting CMs who signed on to the revenue letter — thanks to all! — include:

Margaret S. Chin
Rosie Mendez
Daniel Garodnick
Gale A. Brewer
Robert Jackson
Melissa Mark-Viverito
Ydanis Rodriguez
G. Oliver Koppell
Fernando Cabrera
Helen Diane Foster
Annabel Palma
Daniel Dromm
Leroy G. Comrie, Jr.
Elizabeth Crowley
James Sanders, Jr.
Stephen Levin
Letitia James
Mathieu Eugene
Charles Barron
Jumaane D. Williams
Deborah Rose

You can download a copy of the letter here

CM Debi Rose says Speaker Quinn should move now on $658M in revenue to restore cuts.