The New York State Financial Control Board yesterday blistered New York City's fiscal 1995 budget, saying it contains more than $1 billion in risks and fails to adequately address the long-term nature of the city's fiscal problems.

In a report issued only a day after the state comptroller's office blasted the $31.6 billion spending plan, the control board said the city faces so many budget risks in fiscal 1995 that recent steps taken by Mayor Rudolph Giuliani to help shore up his fiscal plan will not be enough.

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