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Mayor's Revised $74 Billion Budget Reflects UFT Deal, More

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Mayor Bill de Blasio presented his $74 billion executive budget Thursday for fiscal year 2015 which was revised to include some big ticket items.

Billing it as a fiscally responsible plan, the mayor's plan looks to increase affordable housing, deal with income inequality, and make the streets safer through his "Vision Zero" initiative.

The mayor first laid out his plan in February.

Since then, the city has reached a nine-year labor deal with the teachers union which includes raises and back pay.

The new budget also reflects $300 million the state is providing for universal pre-kindergarten.

Even though he warned of a $2 billion shortfall next year, the mayor says the important thing is that the budget is balanced and fair.

"There is nothing unprogressive about being fiscally prudent. In fact, it's necessary. If you believe in positive role of government as I do then you need a strong and stable foundation to allow us to take the steps we need to bring fairness to people's lives," De Blasio said.

The budget does not include money for the 1,000 additional police officers the City Council wanted.

It also puts an end to budget wrangling of years past where both sides argued over the closing of fire houses or other services.

Meantime, there are more fiscal hills to climb as 151 municipal unions are still working without contracts.

The final budget is due June 1.

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