Despite a $455 million budget surplus in the 1992 fiscal year, New York City faces an economic challenge unparalleled since the 1970s, which will force city officials to make deep spending cuts for much of the decade, a municipal analyst said Friday.

In a speech to finance officials and municipal bond analysts at the Downtown Athletic Club in New York City, analyst Michael Brooks predicted that the city will see large budget gaps at least through 1996.

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