New York City Mayor David N. Dinkins yesterday called the proposed fiscal 1992 financial plan released by the City Council last week "flawed" and "inadequate" and threatened to veto their proposed budget alternatives if passed.

With just 12 days to go before a city budget is due, Mayor Dinkins released a letter he sent to City Council Speaker Peter F. Vallone, admonishing the council's proposed financial plan for leaving the city $565 million short of a balanced budget. He also threatened to veto any budget passed by the 35-member council that does not have realistic revenues supporting spending programs.

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