NEW YORK - Mayor Michael Bloomberg and the City Council have reached a new $70 billion budget for the fiscal year 2014.

Speaker Christine Quinn joined Bloomberg Sunday to announce the on-time plan, which they say won't raise taxes. The mayor’s final proposed budget also avoids major layoffs, and keeps vital city services and programming largely untouched.

Highlights of the proposal include $250 million to protect against storms and natural disasters in the wake of Superstorm Sandy, $58 million to replace federal cuts for the New York City Housing Authority (NYCHA), $143 million for early childhood education and after school programs, and $106 million for the public library system.

Quinn hailed the agreement as a victory for New Yorkers, but not everyone is on board. Some mayoral candidates, including Comptroller John Liu and public advocate Bill de Blasio, have already released statements criticizing the budget for excluding labor contract issues and for leaving city tax reforms unresolved.

The City Council is expected to vote on the agreement sometime this week.