Comptroller Elizabeth Holtzman of New York City yesterday released a report that calls for reducing the city's heavy debt service burden now to avoid slashing vital services in the near future.

The 22-page report says that by fiscal 1995 the city will see a 127% increase in debt service costs, reaching $3.25 billion from $1.43 billion in fiscal 1986. The city's fiscal year begins on July 1.

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