Facing alarming budget deficits, New York City has come up with some unusual ways to save money and cut costs including steeper fees for red-carpet events and cheaper traffic signs.
Mayor Michael Bloomberg, who has staked his campaign for a third consecutive term next year on his promise to save the city from financial ruin, delivered a budget update this week that predicts gaps of $303 million this fiscal year and $3.7 billion next year.
He's already warning of tax hikes while slashing spending, eliminating jobs and tossing out two pieces of property tax relief for homeowners. The actions, Bloomberg said Thursday, are "not pretty, but if we take them …
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