Brown Concerned About Wall Street Crisis BUFFALO (wned) - According to Assembly Speaker Sheldon Silver who was in Buffalo Wednesday, the failures on Wall Street will ripple through the state, making it harder for Albany to fund infrastructure and education.

The unfolding financial crisis is being closely monitored by City Hall.

Mayor Byron Brown admits he's very concerned about the turmoil on Wall Street.

"It's certainly going to affect the New York State budget. If the New York State budget is affected, it's going to have a profound affect on the City of Buffalo budget," Brown said.

The state relies on Wall Street for nearly 20-percent of its revenue. Brown says the crisis has Governor David Paterson considering calling another special session of the legislature to make further cuts to the state budget.

"The city could end up losing money that we did not anticipate losing," Brown told WNED.

Brown says thanks to his administration's fiscal conservatism, the City has $40-million in reserves to help weather the storm.


© Copyright 2009, wned