The New York State Financial Control Board yesterday said a budget revision made by New York City falls short of securing balance in 1994, but applauded the city for substantially improving its fiscal recipe.

In a 54-page report released yesterday, the control board said the city should develop a contingency plan and maintain its $281 million general reserve because of $700 million of spending and revenue "risks" in its budget for fiscal 1994, which began July 1.

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