CHICAGO - The Indianapolis-Marion County City-County Council Monday night narrowly approved a $1.1 billion 2009 budget - the first under freshman Republican Mayor Greg Ballard and his new finance team - that cuts spending and holds the line on new taxes despite declining revenues.

Crafted by an anti-tax, anti-borrowing mayor, the spending plan includes only $45 million of long-term debt, though the city expects to enter the market twice over the next several months with a pair of property tax anticipation note issues to smooth out cash-flow problems caused by delayed tax payments.

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