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CBC Senior Research Associate Maria Doulis testifies before the City Council Finance Committee on the Executive Budget for fiscal year 2009. With a surplus projected in the current year and a budget balanced for fiscal year 2009, this is a critical opportunity to think about the long-term fiscal challenges facing the City. In particular, CBC supports two key actions: 1) The use of one-time surplus revenues to retire $2 billion of debt; and 2) The 20 percent reduction in the capital program. Both of these measures will reduce future debt service costs, which are projected to grow to $6.6 billion by fiscal year 2012.