NEW YORK (CBSNewYork/AP) — For the first time in decades, an incoming New York City mayor will not face a budget deficit.
After 12 years in office, New York City Mayor Michael Bloomberg says he is presenting mayor-elect Bill de Blasio with a balanced budget.READ MORE: Mayor De Blasio Accuses Gov. Cuomo And MTA Of 'Fear Mongering,' Insists Subways Are Safe
As CBS 2’s Marcia Kramer reported, Bloomberg did not write a $2 billion check to erase the city’s budget deficit but he did make the announcement with great fanfare.
“And the result is that for the first time in modern memory and perhaps for the first time in New York City history, the budget for an incoming fiscal year has been balanced for an incoming mayor well before he or she stepped into office,” Bloomberg said.