Bloomberg announces proposed city budget

Mayor Michael Bloomberg has presented his proposed city budget for the 2013 fiscal year.

The budget includes a plan to use nearly half a billion dollars in settlement money from the CityTime scandal to plug a $6.8 billion shortfall. The mayor said tax revenue was bolstered by growth in some areas, including tourism, but that it wasn't enough to balance the losses.

After-school programs are expected to take a $170 million hit, but Bloomberg promised to increase law enforcement funding in order to keep streets safe. He also said he won't impose new taxes on New Yorkers.

Bloomberg has until the end of June to negotiate a final version with the City Council.

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