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NYC orders new round of budget cuts to fill $4.6b shortfall

Bloomberg

Bloomberg Photo Credit: Office of the Mayor

The budget ax is looming again for the city’s agencies and departments, which were ordered by the Bloomberg administration Tuesday to come up with $500,000 worth of cuts for the current fiscal year and another $1.5 billion for 2013.

They have until Oct. 18 to submit their proposals.

The city also ordered hiring freezes across all departments, except for health and safety.

This will be the 11th round of budget gap-closing measures since early 2007, and officials say it will help bridge a $4.6 billion shortfall in 2013.

Cas Holloway, deputy mayor for operations, said it’s necessary given “the extreme economic uncertainty.” Layoffs and the potential for shutting down government services is again on the table, city officials warned.

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