DDDB On Bloomberg Math:

From the worthy DDDB:

Priorities

Bloomberg Proposes Budget Cuts Across City Agencies
NY Times City Room Blog

With an already dim fiscal picture turning darker, Mayor Michael R. Bloomberg proposed a $58.5 billion budget Thursday that would preserve a popular property tax cut and rebate but cut into virtually every agency, including core city services like education, police, fire, sanitation, cultural affairs and parks. Even after the budget cuts, however, total city spending would increase slightly.

The cuts, totaling nearly $1.5 billion over two years, include a $180 million reduction to the Department of Education this fiscal year and $325 million in the next, a sign of how serious the city’s economic troubles appear. Mr. Bloomberg, who won control of the school system in 2002, has staked much of his legacy on its improvement and has generally increased spending or allowed it to avoid reductions in tight times...
(Emphasis added.)

Mayor Bloomberg proposes key service cuts and cutting $180 million from the Department of Education while handing over $205 million in direct cash subsidy to Forest City Ratner's Atlantic Yards project, as well as a blank check from city taxpayers for "extraordinary infrastructure costs."

Will the Council go for it?

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The Linked NYT article quotes Bloomberg:
“No boom goes on indefinitely today,” the mayor said in a noontime news conference in the Blue Room at City Hall. “I think it’s fair to say that both the national and international economies are in a state of high volatility.”

Yeah, Bloomberg, great time for the city and state to subsidize a billionaire developer with a poor track record's ill conceived attempt to build a highly speculative, poorly designed luxury condo/stripmall/arena complex.