New York City Comptroller Elizabeth Holtzman said yesterday that city budget officials should establish a reserve fund to help prepare for a big budget shortfall looming in the next fiscal year.

"The city should put away any savings now to have money to close its large fiscal year 1994 budget gap," Ms. Holtzman said in a press release accompanying a quarterly report prepared by her office.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.