The New York City Council Wednesday passed a $66 billion fiscal 2012 budget that avoids thousands of teacher layoffs and shutting down fire stations.

The vote follows an agreement last week between the council, Mayor Michael Bloomberg, and labor officials. Earlier this year, the mayor proposed reducing teacher head count by more than 4,000. An increase in teacher retirements, union concessions, and further spending cuts within the Department of Education helped to offset the potential teacher layoffs.

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.