The New York Legislature yesterday passed a $2.7 billion budget-deficit reduction program, pension reform, and public authorities reform.

Gov. David Paterson signed the budget gap legislation, which fell short of closing a projected $3.2 billion current year fiscal 2010 budget hole. The bill was a compromise with the Legislature, which rejected deeper cuts to education proposed by Paterson.

A measure to reform the state’s more than 1,000 public authorities that had been agreed upon by the governor and legislative leadership finally passed the Senate, where it had stalled after having passed the Assembly. The act will create a new independent office to oversee the state’s public authorities.

The Legislature also passed Paterson’s pension reform proposal that will create a new “Tier V” pension level and is expected to save the state $48.5 billion over the next 30 years by offering less generous benefits to new public employees.

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