Two years ago, New York City’s economy was booming and the City’s coffers were overflowing with record budget surpluses. Today, the recession is rippling through the local economy and taking a heavy toll on tax collections. Tax collections, excluding recent tax increases, were down last year by $3.3 billion and are projected to decline by another $2.4 billion in FY 2010—a cumulative two-year drop of $5.7 billion.