Mayor Michael Bloomberg reveals revised city budget

Mayor Michael Bloomberg today revealed a revised balanced budget that will retain nearly 2,000 teacher positions that he proposed eliminating in his preliminary plan.

The $68.7 million budget includes no tax increases.

“Our budget won’t impose any new taxes on New Yorkers, maintains the strength of the NYPD and continues our strong support for public schools,” said Bloomberg.

Under the preliminary budget, released in February, 1,800 teachers would have been lost through attrition.

The budget will be balanced partly in thanks to a $466 million settlement with Science Applications International Corp. (SAIC) from the alleged CityTime scandal.

The city experienced growth in tax revenue as the economy continues a gradual recovery, the mayor said.

“Our efforts in the tech, TV and film, tourism and higher education sectors are producing results, with private employment now at its highest level ever in the city, exceeding the record set back in 1969, and we expect this growth in private sector jobs to continue,” Bloomberg said.

The new forecast included an increase of $185 million in expenditures and a $122 million decrease in revenue from the preliminary budget

The budget will now go through council hearings. The new fiscal year begins on July 1.


More from Around New York