New York City Mayor Michael Bloomberg last week presented a $59.44 billion executive budget proposal for fiscal 2010 that boosts the city's sales tax by 0.5% and decreases its 10-year capital plan to $61.7 billion from $71.1 billion.

In addition to the spending plan for fiscal 2010, which begins July 1, the reduction in the capital plan will help New York City keep debt service costs during the next few years in line with decreasing revenue.

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