By DEEPTI HAJELA | AP
NEW YORK (AP) - Mayor Michael Bloomberg and the New York City Council have reached an agreement on next year's city budget.
Both sides announced the agreement on the roughly $68.5 billion budget Monday. Under the plan, which covers the fiscal year beginning July 1, there will be no tax increases. Bloomberg also said there would be no cuts to essential services, like firefighters, police officers, and teachers.
The budget has increased funds going toward child-care programs, which had been under threat of cuts.
The City Council is expected to vote on the budget agreement this week.
The budget could still be thrown into disarray later in the year. Officials are counting on $1 billion from the sale of new taxi medallions. But the auction has been held up in court.
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