New York City will face a $3.5 billion deficit in fiscal 2010, with that funding gap to grow to $8 billion in fiscal 2011, according to a report released last week by New York State Comptroller Thomas DiNapoli.

The report acknowledged Mayor Michael Bloomberg and the City Council’s spending cuts, but indicated that a deteriorating outlook and declining revenues will widen future budget shortfalls. Fiscal 2009 will end June 30.

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