Philip R. Michael, who served as New York City's budget director during turbulent fiscal times, resigned on Thursday at Mayor David N. Dinkins' request following a report criticizing his handling of the recommendation for a privatization contract.

Michael, who was appointed to the post in January 1990 after Dinkins took office, tendered his hand written resignation after a long discussion in a basement office at City Hall with the mayor, who is in the middle of a heated re-election race.

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