Bloomberg to Present Revised Plan With Cuts, Layoffs

Mayor Michael Bloomberg said New York City needs to cut its budget by about 2.5% in the current fiscal year and by 5% in fiscal 2010, according to published accounts. Bloomberg will present a revised financial plan Wednesday that will include 500 layoffs.

The revised plan “has required major revisions in light of the recent financial upheaval,” deputy mayor for operations Edward Skyler said in a statement. “It will require sacrifice from every city agency and in some senses, every New Yorker. But we need to take these painful but necessary steps now; delaying the inevitable will only make it worse.”

The city’s economy, which is highly dependent on Wall Street, has worsened since a $59.17 billion budget was adopted in June.

Citing an anonymous source, Reuters reported that the city faces deficits in the current fiscal year and fiscal 2010 totalling $4 billion. 

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