Bloomberg: Raise Property Tax (Maybe), Cut Budget (Def)

Mayor Bloomberg is working fast to get ahead of any financial crisis the recent Wall Street nonsense may cause. Earlier today, he floated the idea of a seven percent property tax increase. Now the Obeserver's Azi Paybarah reports the Mayor's budget director, Mark Page, has circulated a memo asking heads of all city agencies -- including the police and fire departments -- to tell him in 15 days how each will cut 2.5 percent from their current (2009) budgets and 5 percent from their 2010 budgets. The memo says that the City seeks to reduce the operating budget by $500 million this year and $1 billion in 2010.

Agency heads weren't the only ones meant to get the message: the memo was "distributed to reporters by the mayor's office," says Paybarah.

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