New York City mayor unveils preliminary $77.4 billion budget with targeted spending increases

Mayor Bill de Blasio is unveiling a $77.7 billion preliminary budget that reflects a relatively strong local economy and doesn't include any major spending cuts, service reductions or layoffs of municipal workers in the nation's largest city.

The plan announced Monday doles out additional funding to the police department for bulletproof vests and to the fire department with hopes of cutting ambulances' response times to medical emergencies.

De Blasio also wants to increase spending to some programs meant to help the less fortunate, including homelessness and children's services programs.

The mayor announced the budget at City Hall. It would take effect July 1 and must be approved by the City Council.

It increases overall spending to $58.8 billion, up $2 billion from a year ago.