Fee increases for city operated athletic facilities produced far less revenue than anticipated, according to the New York City Independent Budget Office.

Mayor Michael Bloomberg expected a round of fee hikes in November 2010 to generate $6.3 million in additional revenue for fiscal 2012, but “in fact, revenue grew by just $1.1 million—a fraction of what had been expected,” the IBO said Thursday in a fiscal brief.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.