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Councilman Tony Avella, a Queens Democrat who voted against the property tax increase, said he would like to see the $110 million surplus returned to the community, either by using it to reduce the tax or to restore services like library hours that were shortened and firehouses that have been closed.
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If surpluses return in future years, the need for increased borrowing wouldn't last long.
Small surpluses return for the next four years before deficits hit again in 2016.
The results should finally silence the program's critics because the loan portfolio now shows a surplus return and is expected to generate over $5 billion in total profits.
His idea of an electronics venture was to sell surplus and returned consumer electronics devices obtained from big retailers through the Jacobs Trading Company.
It cut marginal income tax rates, gradually eliminated the estate tax and raised the child tax credit, ostensibly to make sure that the budget surplus was returned to Americans and not frittered away in Washington.A year later, the emphasis was on stimulating the sluggish economy by giving firms tax incentives to invest.
The law mandates a popular vote on any tax increase, strictly limits over-all government growth, and requires that budget surpluses be returned to taxpayers via rebate checks.
Of course, administration officials play down the sudden budget deterioration, saying that the surplus will return once the economy recovers.
Should Governor Bush win the White House in the fall and push through a Reagan-sized tax cut, the president added, the country could ultimately be faced again with painful choices: cutting spending, dipping into the Social Security surplus or returning to budget deficits.
As the insurer pays the debts from its premium income, the negative surplus may return to a positive level.
On Thursday, Mr. Chafee plans to join with Mrs. Feinstein to introduce legislation that would freeze the current top income tax rate until budget surpluses return, thus blocking a provision of the 2001 tax cuts from taking effect.
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