N.Y. City Council's '04 Plan Seeks More for Schools, Housing

McDonald, Michael
April 2003
Bond Buyer;4/8/2003, Vol. 344 Issue 31610, p36
Trade Publication
New York City, New York Council Speaker Gifford Miller has revealed the council's formal response to Mayor Michael Bloomberg's preliminary fiscal 2004 budget on April 7, 2003 that would among other things reallocate nearly 800 million dollars in capital spending to public schools and affordable housing. The budget differed only slightly from the 44 billion dollar spending plan Bloomberg proposed at the end of January 2003, with both calling for state and federal government to help close an operating deficit that was projected at 3.2 billion dollars and may have since grown closer to 4 billion dollars. In January, Bloomberg proposed reducing capital spending through fiscal 2006 by 4.7 billion dollars, to 24.8 billion dollars from 29.5 billion dollars, which would help preserve the city's credit rating, he said. Under the plan, the city would sell 22.8 billion dollars in general obligation debt.


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