Today the Mayor presented a financial plan to navigate our city through the economic crisis. These are tough times, particularly for New York’s working families, and by every indication, the economic downturn will grow in the coming months and years.

We at the Council recognize the severity of this situation. Difficult decisions will have to be made and serious steps will have to be taken, and Mayor Bloomberg is right to present an early financial plan and to be looking for new revenue and possible savings.

In response to this proposal, starting on November 17th the Council will be holding a series of public hearings, the first time we have taken such an action in November. Every proposal – whether a tax hike or a spending cut – will be given full consideration. And as we have already done with the Administration, we will propose alternative revenue sources or additional spending cuts.

That said, we have concerns about some of the proposals we heard about today.

Specifically, we are troubled by the proposed withdrawal of the $400 homeowner tax rebate that has been scheduled for later this year. Many families may be counting on that money in their annual budget, and to withdraw it could cause a big hole in their pockets.

We also have questions about how budget cuts will affect education, public safety and public housing. In last year’s budget, the Council preserved our schools, and classrooms, from budget cuts, and we will be looking closely at the Department of Education budget to try to spare our students from the chopping block.

New Yorkers should know that we will keep our budget balanced while we remain committed to limiting the impact on average New Yorkers by doing more with less. We will continue to propose alternative cuts, seek new streams of revenue and ways to stretch our dollar further.