“Today’s plan is a testament to prudent fiscal planning. Mayor Bloomberg’s preliminary budget is in balance largely because the City had taken appropriate steps to prepare for uncertain economic times. When the economy was much stronger, the City was able to set aside funds to address future needs and to prepare for an inevitable downturn in the business cycle.

"The current volatile economic climate creates the need the take immediate steps to prevent future sizeable budget gaps, as New York City had struggled to overcome. This budget plan smartly exacts sufficient belt-tightening measures that may seem harsh, but are unfortunate necessities.

"I plan to work with the Mayor’s office and all city agencies to continue to identify ways to exact revenue savings, in hopes that tougher economic times do not yield more drastic measures. Together, we can meet this challenge to ensure that resources accumulated during flush years continue to be available to sustain services when an economic downturn reduces our revenues.

“Mayor Bloomberg today offered a plan for the City’s financial future that was both sobering and fiscally responsible.

“In the coming weeks, we will closely study and review his proposal. We will also closely monitor budget negotiations in Albany, the national economy and Wall Street revenue projections.

“Together with my colleagues and the Administration, I am committed to making smart decisions to prepare for times of economic uncertainty. We look forward to working with the Mayor on a budget that both maintains essential city services and ensures the long-term financial stability of our City.”