As New York struggles to close a $13 billion budget gap for fiscal 2010, projected revenue in the next fiscal year has fallen by $1.02 billion compared to projections in the executive budget Gov. David Paterson released in December, the state Assembly said in a report yesterday.
The state is heavily reliant on Wall Street, which provides about 20% of New York's tax revenue. Wall Street bonuses in the current fiscal year will fall by a projected 47.9% compared to the previous year, the report said. Personal income taxes, which are the state's largest source of revenue, are projected to decline to $34.42 billion in fiscal 2010, a $2.27 billion drop compared to the current fiscal year.