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Highlights of proposed $73.9B NYC budget

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News,Business

Highlights of the $73.9 billion New York City budget proposed by Mayor Bill de Blasio for the fiscal year starting July 1:

— No service cuts.

— Use of $300 million in state funds to pay for universal prekindergarten. Allocation of $145 million of city funds to expand after-school programs for nearly 100,000 students.

— Increased funding to homeless services and the city housing authority, including $70 million to address a backlog of repairs in public housing buildings.

— Aims to ease small business fines by 8 percent, dropping expected revenue from $859 million in fiscal year 2012 to $789 million in fiscal year 2015.

— Devotes an additional $49 million to resurface city streets in wake of harsh winter.

— Allocates $28.8 million for traffic and pedestrian safety initiatives, including installation of speed cameras and speed bumps.

— Factors in new $5.5 billion labor contract for city's teachers union and, on premise that similar deals will be struck with 150 other municipal unions, assumes that the city will save $3.4 billion in health care costs through 2018.

— Does not accept City Council proposals on free school lunches and the hiring of 1,000 police officers.

— Assumes a $2.2 billion structural deficit for fiscal year 2016.

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