NYC mayor Bloomberg proposes $86.7b budget for 2014
(REUTERS) - New York City Mayor Michael Bloomberg on Tuesday proposed a US$70.1 billion (S$86.7 billion) budget for fiscal 2014 - his last as mayor - that closes a US$1.1 billion deficit without tax hikes or layoffs.
The mayor's proposed budget calls for the city to spend US$50.7 billion in fiscal 2014 on fire, police, health, education, pension and healthcare costs.
Of that, expenditures over which the city has control would drop 1.1 per cent, or US$254 million, next year from the current fiscal year, which ends on June 30.
The budget is the last one Mr Bloomberg, a political independent, will present to city lawmakers before his third and final term expires at the end of this year.