One of the most important monitors of New York City fiscal affairs weighed in this week with a tough appraisal of Mayor David N. Dinkins's financial plan, especially the city bonding program for fiscal years 1992 through 1996.

The New York State Financial Control Board, created to oversee the city's finances during its fiscal crisis in the mid-1970s, released a report on Wednesday saying the modified financial plan presented by Mayor Dinkins on Nov. 6 falls short of achieving a structurally balanced plan.

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