Eyewitness NewsNEW YORK -- New York City Mayor Michael Bloomberg is set to unveil a budget proposal that includes a plan to use nearly half a billion dollars in settlement money from the CityTime scandal to plug an unexpected budget shortfall. Bloomberg is scheduled to present his budget proposal Thursday. He has until the end of June to negotiate a final version with the City Council.
Bloomberg's office released a partial preview of his plan a day before the announcement. It said that hard times for Wall Street firms are responsible for much of the unexpected shortfall. Tax revenues for next fiscal year are expected to be $352 million lower than anticipated.
It's a blow to advocates who had hoped to use the CityTime money to save threatened child care and after school programs.---
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