Last week, Bloomberg announced that his team had balanced the city's budget for Fiscal Year 2015, which begins in July, closing a projected $2 billion deficit. The city's budget must be balanced by law but doing so early sends a signal to the unions that the city's financial health is improving and could support larger raises.Negotiations over the new contracts are expected to begin in January. De Blasio has been steadfastly noncommittal about retroactive raises, and his team declined to comment further.
NYC Mayor-elect Will Face Immediate Fiscal Crisis
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