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2012 fiscal year

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The Mayor's Budget Office has informed all city agencies that they must slash another 2 percent from their budgets this year and 6 percent in 2013.

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The City Council will now vote on the austere 2012 budget and its deep cuts Wednesday morning.

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A new analysis of the mayor's preliminary budget also says that homeless shelter costs could soar.

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The governor's newly released budget includes serious cuts, including $518 million less in education aid for the city.

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As part of the new cost-cutting initiative, the city will be consolidating office space and eliminating redundant operations.