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Wall Street woes will worsen NYC budget: report

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With Wall Street languishing under a slow-paced recovery, the city's budget deficits could explode in the next few years, according to a report released Thursday by state Comptroller Thomas DiNapoli.

"With its prospects dimming, the industry has begun to cut costs and reduce employment and employee compensation, actions which will ripple through the New York City economy," the report said.

Cuts in federal and state aid would only exacerbate the problem, DiNapoli warned. A spokesman for Mayor Michael Bloomberg acknowledged Thursday there's a "tough road ahead," but said Hizzoner has managed to keep the city's fiscal house in spite of the economic downturn.

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$4.9 billion

How much the city's budget gap will be in fiscal year 2015, up from $2 billion in 2013.

$12 million

How much the city's surplus will reach this fiscal year, far below the $3.7-billion average in the past two years.

(Source: State Comptroller report)

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