New York City budget director Mark Page on Tuesday called for a 20% reduction in capital spending in the city's next 10-year capital strategy plan to be released next year.

In a letter released Wednesday, Page cited rising fixed costs and ordered city agency heads to identify projects that could be cut or delayed in the long-term plan, which is updated every other year.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.