Mayor Bloomberg unveils budget proposal containing a $1.4 billion surplus

In just one year, the city has gone from a budget crisis to a budget surplus. On Thursday, Mayor Michael Bloomberg unveiled a $45.7 billion spending plan that included a $1.4 billion surplus.

The surplus is the city's largest in years and comes just one year after the city was facing a $6.4 billion deficit. Last year's budget crisis forced Mayor Bloomberg to make a number of cuts and lay off workers. He also raised taxes and fees.

But part of the mayor's new budget proposal includes a tax relief plan for property owners in the Bronx and the city. As he said in his State of the City address, property owners will receive a $400 tax rebate to help offset the 18.5 percent property tax hike imposed in December 2002.

Despite having a surplus, the mayor is still proposing $325 million in budget cuts to city services. The city's fiscal year begins July 1.

Click here to view more on the mayor's budget proposal.

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