City Slow to Use Stimulus Funds on Infrastructure, Report Says
By Ben Fractenberg
MANHATTAN — The city has been slow to spend federal stimulus money for development projects, the New York Post reported Monday.
The city has reportedly spent around $152 million out of the $927 million stimulus money for infrastructure projects as of June 30, creating far fewer jobs than originally expected by this time.
Renovations to the St. George Staten Island Ferry Terminal, for example, was supposed to create around 4,000 jobs, but has only created 74 so far The Post reported.
While work has stalled, $4.7 billion of the city’s $7.3 billion in stimulus money has reportedly gone toward budget relief; keeping programs like food stamps going during the budget crisis.
As the city slowly gets construction moving President Barack Obama announced plans for more government spending on infrastructure Monday, the New York Times reported.
The president called for $50 billion in federal funds to upgrade our nation’s transportation network. This could potentially mean more money coming to the city for roads and railways here over the next six years.
It is not clear how much of the money New York City could get, but Mayor Michael Bloomberg was part of a group of three leaders — including governors Ed Rendell of Pennsylvania and Arnold Schwarzenegger of California — who consulted with the president while he crafted the plan.
The proposed spending would also have to get Congressional approval.