Bloomberg Calls for 12th Round of Budget Cuts

For the twelfth time since he took office, Mayor Michael Bloomberg, whose net worth is $22 billion, has announced sweeping mid-year budget cuts, warning that the next mayor will inherit a deficit bomb.

Bloomberg wants $2 billion in cuts across all city agencies, about 3% of the total budget, over 18 months.

Layoffs are threatened again.

Most agency heads will be called on for 5.4% of their current budgets and another 8% from next year's budgets.  Police, Fire and Correction are facing cuts of 2.7% this year and 4% next year and the Department of Education 1.6% this year and 4% next year.

The mayor projects a $2.5 billion deficit next fitscal year and a $3 billion budget shortfall behind him when he leaves.

The article from the New York Post.