City Council unanimously approves $47.2 billion budget

The New York City Council formally approved a $47.2 billion budget after midnight Thursday. The council voted 51-0 in favor of the budget plan despite the fact that the state Legislature has not yet authorized two key provisions.

The centerpiece of the budget is a provision that offers more than 600,000 city homeowners an average of $400 in property tax rebates for three years. The budget also provides for earned income tax credit breaks to 700,000 of the city's poorest residents.

Although those provisions passed through the city council, they still need state approval. The state Legislature adjourned earlier this week without discussing - what translates into - $250 million in tax rebates for homeowners and $50 million in earned income tax credits.

The city budget includes a surplus of $1.8 billion, most of which will be rolled into next year's spending plan.

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