The New York State Financial Control Board for New York City announced yesterday that it will remain in "sunset" for another year.
The city met all the conditions for it budget to be considered still in balance, including ending the fiscal year without a deficit and maintaining its access to the municipal bond market, said Allen J. Proctor, executive director of the control board.
In addition, the three private members of the control board praised Mayor David N. Dinkins for a recent plan to address structural budget problems.
The Dinkins administration developed the plan, which addresses structural budget gaps as well as shortfalls expected in the fiscal 1994 budget, in response to criticism from the three private members.
After the city had adopted its fiscal 1994 budget, the private members issued a statement blasting the mayor for not taking appropriate steps to tackle large gaps in the city's fiscal four-year financial plan.