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New York City's Fiscal Year 2003 Budget does a "credible job" in addressing the City's $5 billion deficit, but contains risks of more than $1 billion, Comptroller William C. Thompson, Jr. disclosed in an analysis released today.

The Comptroller's review, which is required by City Charter, stressed that the City must address these risks "at the earliest possible moment" to bring the budget into balance during the current fiscal year.

Furthermore, the review found that the Fiscal Year 2004 budget gap will exceed $5 billion if the outyear deficit isn't addressed during Fiscal Year 2003.

"If the City is to achieve Fiscal Year 2004 balance, it must promptly begin its gap-closing effort," Thompson said. "This City has no choice but to face these significant challenges. The City must design initiatives with recurring value to close the current year gap and to begin addressing next year's unprecedented shortfall."

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