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BET trims capital‑budget cap by $20 million, sets ceiling at $54,662,646 to preserve borrowing room
Summary
Facing large ongoing school projects and uncertain fiscal conditions, the Board of Estimate and Taxation unanimously voted March 3 to lower the proposed capital budget cap to $54,662,646, $20 million below the mayor’s recommendation, citing caution on debt load and the need for flexibility.
The Board of Estimate and Taxation on March 3 reduced the city's proposed capital budget cap to $54,662,646—about $20 million less than the mayor's recommended figure—after a lengthy discussion about debt limits, large school projects and fiscal uncertainty.
Board members said the cut is intended to preserve borrowing capacity and…
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