The New York city council yesterday approved a plan by the administration of Mayor Rudolph W. Giuliani to sell $215 million in delinquent property tax receivables as a way of balancing the city's fiscal 1994 budget.

The council unanimously approved the controversial budget-balancing scheme after hearing from a city official that without the sale, the city would face a fiscal 1994 deficit of more than $100 million. A deficit of that size would prompt a state-mandated takeover of city finances.

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