Mayor Michael Bloomberg will unveil his  Fiscal Year 2013 Executive Budget tomorrow at noon that will show the city’s economy and tax revenues continuing to grow relative to last year, but with significantly less money than was predicted last February.

Combined with increased costs, there is now a $495 million hole in what was Mr. Bloomberg’s preliminary budget plan for 2012 and 2013, a fact that mean for some difficult negotiations with the City Council over the coming days and weeks.

However, the financial pain won’t be as bad as it appears, as most of the hole will be filled by CityTime’s settlement with Science Applications International Corporation. Read More