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Mayor de Blasio: NYC budget to have more revenues, savings, will not contain any layoffs

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NEW YORK — New York Mayor Bill de Blasio's administration is painting a rosier picture of the city's fiscal fortunes.

His administration presented its mid-year budget modification on Tuesday and it called for smaller future deficits and larger-than-expected savings and tax revenues.

The city's long-term debt is $1.1 billion less than when the current Fiscal Year 2015 budget took effect July 1.

That savings will be spread over the next four years. The overall debt through Fiscal Year is budgeted at about $35 billion.

The upcoming budget is not expected to include any layoffs or significant service cuts.

But de Blasio said that his administration would always look to run city agencies more efficiently.

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