NYC's COVID-19 spending approaching $1 billion
NEW YORK - The response to the coronavirus pandemic is coming with a massive price tag for the city's government.
New York City has either spent or committed to spend nearly a billion dollars on COVID-19-related costs as of Wednesday, FOX 5 NY has learned.
City agencies have spent about $135 million and are contractually obligated to shell out another $846 million, according to Comptroller Scott Stringer's office.
The de facto shutdown of so many businesses is causing billions of dollars in lost tax revenue. PLus the city is shouldering big expenses for emergency services and health care related to the outbreak.
Mayor Bill de Blasio previously announced that all agencies will need to cut back their budgets to get through the economic hardship precipitated by the virus crisis. He expects a budget proposal to include about $1.3 billion in cuts.