Gov. Spitzer's budget could mean loss of more than $300 million for city, BXPosted: Updated:
The Bronx and the rest of the city could lose more than $300 million if Governor Spitzer's (D-NY) budget plan goes through.A report in The New York Times says the governor is looking to wipe out the Aid and Incentives for Municipalities (AIM) program. The report says it provides $327.9 million each year to the city. Spitzer aides say the loss will be made up for by the increase in education spending and closing certain tax loopholes.City officials says the program was longstanding and a steady source of revenue. While aides to the governor say closing tax loopholes could save the city more than $300 million, officials say they are not sure it is an accurate figure.Mayor Bloomberg (R-NYC) is set to testify in Albany Monday with his thoughts on Governor Spitzer's proposed budget.