PRESS RELEASE
PARTNERSHIP FOR NEW YORK CITY
New York, New York
January 19, 2010
press release (PDF 100K)Statement From Kathryn Wylde, President & CEO of the Partnership for New York City, on Governor Paterson's 2010-11 Executive Budget Proposal
"The Governor deserves credit for largely sticking with his pledge to hold the line on taxes and to significantly reduce spending. Unfortunately, much of the savings in the Executive Budget comes out of aid to local government – with the largest reductions by far coming out of funding for New York City. This puts further pressure on the state’s economic engine. Such reductions in local aid require a parallel program of across the board mandate relief, allowing localities far more discretion and flexibility than Albany has ever permitted in the past.
Most important from the standpoint of long term budget solutions, the Governor has committed $250 million over the next five years to the Excelsior Program that will replace Empire Zones as the centerpiece of economic development incentives. Excelsior focuses on growth industries and rewards job creation, as well as providing tax credits for business investment and research. It will insure that New York is able to compete with other states and foreign business centers."
About the Partnership for New York City
The Partnership for New York City (www.pfnyc.org) is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city’s position as the center of world commerce, finance and innovation. Partnership companies account for nearly 7 million American jobs and contribute over $740 billion to the national GDP.