A state-mandated monitor of New York City's fiscal affairs yesterday called on budget officials working for Mayor-elect Rudolph W. Giuliani to take "immediate action" in addressing the city's burgeoning structural deficit.

The New York State Financial Control Board said yesterday in a report that the incoming Giuliani Administration will face budget gaps starting in fiscal 1995, which begins July 1, 1994, that average more than $2 billion annually. State lawmakers created the control board to run city finances following the fiscal crisis of the 1970s. In recent years, the control board has monitored city financial and budget affairs.

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