New York City Mayor Michael Bloomberg is seeking to cut fiscal 2010 expenditures by $550 million and reduce next year’s spending by $1.2 billion.

City budget director Mark Page sent a letter to agency heads that included spending reduction guidelines and asked departments to submit proposals by Dec. 3. New York City’s fiscal year began July 1.

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.