Updated 12/16/2008 03:41 PM
Mayor, City Council Reportedly Reach Deal On Budget
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While the state budget is taking center stage this morning, there's word a budget deal may be in the works at City Hall.
Sources tell the Daily News that the deal between Mayor Michael Bloomberg and the City Council would raise property taxes about eight percent, yet keep the $400 property-tax rebate in place.
That rebate has been a point of contention between the mayor, who wants to cancel it because the city cannot afford it, and some council members, who say homeowners deserve the checks they are counting on.
The deal reportedly would also keep in place about half of next month's police academy class, which the NYPD had threatened to delay.
Comptroller Bill Thompson yesterday warned the city could be facing a $1.9 billion budget gap this fiscal year. Bloomberg's original plan projected no deficit this year, with a $1.3 billion gap next year and $5 billion the following year.