New York will (one presumes) have a new mayor come January 2014. One question for that mayor will be whether he or she chooses the past or the present.
The (future) present: the new mayor likely will face a deficit of $3.7 billion for his or her inaugural budget (fiscal year 2015). That's a good seven percent of city tax revenues.
The past: unless Mayor Bloomberg and municipal unions do some serious negotiating in the next few months, the new mayor will face more than a dozen expired contracts -- and union leaders requesting retroactive settlements.

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