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FOR IMMEDIATE RELEASE
June 19, 2002
PR-157-02
www.nyc.gov


MAYOR MICHAEL R. BLOOMBERG AND COUNCIL SPEAKER
GIFFORD MILLER ANNOUNCE AGREEMENT ON
NEW YORK CITY BUDGET


Mayor Michael R. Bloomberg and City Council Speaker Gifford A. Miller today announced an agreement of the $42.3 billion Fiscal Year (FY) 2003 New York City Budget. The budget agreement closes a $5 billion budget gap in a fiscally prudent manner avoiding both layoffs and new taxes while beginning the difficult process of addressing large budget gaps in the out-years. Cost savings, agency reductions, greater efficiencies, new partnerships with the State and Federal governments and municipal labor force along with a one-time 9/11 revenue replacement financing eliminated the budget gap allowing for a balanced and responsible budget.

"This year's budget was passed in a fiscal crisis with a spirit of cooperation and shared sacrifice," said Mayor Bloomberg. "I wish to thank Speaker Miller, Finance Chair Weprin and the entire City Council for their courage, hard work and commitment on behalf of the people of New York City. Despite the tremendous challenges we faced this year we were able to fulfill our responsibly to this City by passing a budget that is fair, compassionate and does more with less."

"I am pleased to announce that we have crafted a budget that truly reflects the values and priorities of New Yorkers," said Speaker Miller. "In spite of an uncertain financial climate, we are protecting the education of our children and the City's core services, while making prudent cuts to help close the budget gap. This was an arduous process, and I want to thank Mayor Bloomberg for his cooperation and commitment to passing a responsible budget that looks to the future."

Mayor Bloomberg secured from Albany over $450 million in school aid to avoid cuts to City classrooms and to provide addition monies for the teachers contract.

"The budget could not have been passed without the assistance of our leaders in the State and Federal governments," said Mayor Bloomberg. "Washington, DC provided New York with $200 million in budget relief by authorizing the refinancing of our debt, providing greater flexibility in the use of Federal aid and we expect additional assistance as the Federal budget process continues. I want to express my gratitude to Governor Pataki, Speaker Silver and Majority Leader Bruno for providing the City with invaluable support and much needed resources."

The State Legislature and Governor are expected to authorize the following legislation:

"All sectors of the City made the necessary sacrifices to balance and pass this budget," said Mayor Bloomberg. "I want to thank the Municipal Labor Council for agreeing to over $275 million in pension savings and I am optimistic that we can achieve even more savings by working together in the coming months."


 

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Contact: Edward Skyler / Jordan Barowitz
(212) 788-2958