Bloomberg administration passes along balanced budget to Bill de Blasio

new york city budget
Mayor Michael Bloomberg handed Mayor-Elect Bill de Blasio a balanced budget for fiscal year 2015.
Credit: Spencer Tucker/Office of the Mayor

After his predecessor closed a $2 billion projected deficit, Mayor-Elect Bill de Blasio will come into the office with a balanced budget for the next fiscal year.

“It doesn’t make the next mayor’s job easy, but it reduces the pain and it means one less thing he’s got to worry about,” Mayor Michael Bloomberg said Thursday.

Cost-savings, higher-than-expected tax revenues and the sale of two city-owned buildings helped the Bloomberg administration balance a roughly $72.7 billion budget for fiscal year 2015, which begins next July.

“We have done that without proposing any tax increases or cuts in essential services,” the mayor said.

After the 9/11 attacks, Bloomberg became mayor with a $4.8 billion budget deficit that grew to $6.4 billion in just a year.

“We certainly did not have the luxury of having a balanced budget,” he said.

This is the first time since the 1975 federal bailout that an incoming mayor will inherit such a budget, officials said.

“The next administration does not have to go and cut services,” Bloomberg said. “If they want to add services, add employees or increase compensation, they’re going to have to find other sources of revenue.”

Though the budget allows for 1.25-percent raises for city workers with expired contracts — totaling $475 million in the budget — unions have demanded larger raises and retroactive pay.

But Bloomberg cautioned de Blasio, saying the mayor-elect might be better off with the current budget.

“If you wanted to do things retroactively, you’d have to find a very big revenue source. The numbers would be staggering,” the mayor said.

De Blasio has said repeatedly that conversations about retroactive pay raises would be in the context of cost savings and should be held outside of the media.

“We’re reviewing the budget modification released by the mayor today, and remain concerned about the continued impact of sequestration, high uncertainty around the flow of Sandy recovery aid, and the liabilities from unresolved labor contracts,” a spokeswoman for de Blasio said in a statement. “We will continue to review this new budget information closely in the coming days and weeks.”

Still, Bloomberg had more words of wisdom for his successor.

“You could cut back all services. You could close all firehouses and give all the money to raises for the cops,” he said. “I wouldn’t suggest doing that.”

Follow Anna Sanders on Twitter: @AnnaESanders


News
Entertainment
Sports
Lifestyle
International

South Korea ferry disaster: captain's actions 'tantamount to…

The captain and some crew members of the sunken South Korean passenger ferry Sewol have been accused of 'murderous acts' by their own president, after…

News

Easter Egg hunt horror as skydiver plummets to…

A FAMILY Easter egg hunt ended in horror when a skydiver plummeted to his death in a New York garden after his parachute failed to…

News

Boston Marathon 2014 on high alert, Red Sox…

One year on from the horrific Boston Marathon bombings a ring of steel has been thrown around today's race, and a city stands defiant against…

News

Boston Strong: One year on from Boston Marathon…

  For more than a century the Boston Marathon has been an even centred around sportsmanship, endurance and athleticism, but there's no denying the face…

Television

‘Mad Men’ recap: Season 7, Episode 2, ‘A…

Peggy and Lou are horrible, Bert's racist, Don is honest(ish) and Roger and Pete are frustrated. "A Day's Work" not quite worthy of "This Will Be Our Year."

Television

'Game of Thrones' recap: Season 4, Episode 3,…

The problem with the devil you know is that ignoring them doesn’t mean they simply lie in wait. It allows them time to do things…

Television

Discovery cancels 'Everest Jump Live' special in wake…

The Discovery Channel has indicated it will not be moving forward with "Everest Jump Live," a planned special about mountain climber Joby Ogwyn's effort to…

The Word

'X-Men' director Bryan Singer drama continues

  News broke late last week that "X-Men" and "The Usual Suspects" director Bryan Singer is being sued by a man who said Singer molested…

NHL

Rangers let chance at victory slip away in…

All the Rangers had to do was hold serve in a raucous Madison Square Garden — roaring in anticipation of putting a hated rival in a 2-0 series hole.

MLB

Yankees place Ivan Nova on DL with partially…

Yankees starter Ivan Nova was diagnosed with a partially torn UCL in his throwing elbow Sunday.

NHL

Rangers never thought opening round would be 'an…

You might have thought the Metropolitan Division semifinal series was going to be a rout after watching Game 1 Thursday night. The Rangers did not.

NHL

Rangers blow two-goal lead in Game 2 loss…

The Rangers got out to an early 2-0 lead in Game 2 and the Garden was rocking. But it went downhill quickly from there.

Travel

Packing: The one thing you need in your…

A new survey that looks at the travel habits of 50,000 people around the world has revealed that Western and Asian globetrotters have different priorities…

Home

Is your chair making it hard to talk?

Ever wished there was an office chair that could make impromptu meetings and discussions more private? The Cristiana Wing Chair is an asymmetrical armchair which…

Travel

Live large at these luxury hotels

From Thai boxing lessons and macabre Dracula tours to the Australian Outback, the Four Seasons hotel chain launched a series of new travel packages this…

Parenting

4 things that every summer camp should have

Alan Saltz, director of the 92nd street Y program lists things that every summer camp should have.