NEW YORK - (AP) -- New York City Mayor Michael Bloomberg says he is presenting mayor-elect Bill de Blasio with a balanced budget.
Bloomberg is leaving office after 12 years. He says this is the first time in more than a generation that an incoming mayor won't face a deficit.
De Blasio takes office Jan. 1.
Bloomberg was able to close a $2 billion gap in the $72.7 billion budget for fiscal year 2015, which begins July 1.
He says the gap was closed by reducing spending, unexpected revenues and sales of city-owned property.
The budget also offers small raises for city employees. It does not allow retroactive raises, which is what municipal unions have wanted.
City employees have been working on expired contracts.
De Blasio's spokeswoman said the mayor-elect is reviewing the budget.