NEWARK - Mayor Cory Booker yesterday pledged to end Newark's $85 million structural budget imbalance and announced furloughs and a 2% pay cut for top-earning city employees as officials work on an estimated $650 million fiscal 2009 budget.

Booker announced that Newark will be solvent by 2012 and will wean itself off of special municipal aid funds from the state and yearly payments from the Port Authority of New York and New Jersey that will end in 2012.

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