Less than two months into New York City's 1992 fiscal year, one of the city's harshest fiscal critics offered some upbeat news: He complimented officials on deciding to strictly monitor their budget process and preparing a budget contingency plan.

"We are pleased that the city agreed to implement our recommendations to tighten controls and monitoring over PEG -- program to eliminate the gap," state Comptroller Edward V. Regan said in a statement accompanying his monthly "milestone" report on the city's budget. "Enhanced monitoring -- on the city's part as well as ours -- is vital to maintain budget balance in these difficult times."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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