Mayor and City Council speaker agree on a $50.2 billion budget for 2006
Mayor Michael Bloomberg and City Council Speaker Gifford Miller agreed Tuesday to a $50.2 billion budget that erases deficits for the coming year but leaves future gaps.
The agreement comes just days before the June 30 deadline. The proposed budget bridges a $3.1 billion deficit and paves the way for $500 million in tax relief. In addition, more than $200 million will be restored to library services, cultural affairs, programs for the elderly and minority employment initiatives.
The proposed plan will now go to the City Council for approval.