Bloomberg Offers N.Y.C. $48B Budget

O'Brien, Elizabeth
January 2005
Bond Buyer;1/28/2005, Vol. 351 Issue 32059, p1
Trade Publication
The article reports that New York City Mayor Michael R. Bloomberg has unveiled a preliminary $60.8 billion, l0-year capital plan that includes $51.6 billion of general obligation and Municipal Water Finance Authority bonds. The city charter requires the mayor to update the l0-year capital plan every other year. Most of the plan's capital spending will address necessary infrastructure improvements, Bloomberg said. He said that debt service has remained reasonably constant in recent years and is expected to stay relatively level and in the vicinity of 15% to 18% of tax revenue.


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