New York State Comptroller Edward V. Regan yesterday warned that New York City could face a $3.8 billion fiscal 1992 budget gap and the risk of a state takeover if its debt service payments are "impaired" with a late and unbalanced budget.

The comptroller, in a monthly report on the city's financial plan, projects a fiscal 1992 gap that is $300 million more than the city has estimated and says he is concerned that without a budget in place, debt service payments will not be appropriated beginning July 1, the start of the 1992 fiscal year.

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