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This brief report by the General Accounting Office (GAO) is a follow-up to their May 2002 review of the economic impact of the September 11th attacks on New York (last mentioned in the June 14, 2002 Scout Report). Going a step beyond, this report reviews the tax revenue loss estimates of the New York City Office of Management and Budget and the New York State Division of Budget. According to the report, tax revenue loss estimates for the 2002 fiscal year are 1.6 billion for the city of New York, and 1.6 billion for the state. The 2003 fiscal year estimates are 1.4 billion for the city and 4.2 billion for the state. Available in Adobe Acrobat (.pdf) format, this 9-page report contains (among other things) a summary, background information on last year's national economy, and brief comments by both New York budget offices.
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