Among the capital projects in fiscal 2009 are digging the number 7 train extension to Hudson Yards, building five new public libraries and opening the first section of the High Line, a park developed from a defunct elevated railway line in Manhattan. "For the past year, we've been pushing Washington to focus the federal stimulus on 'ready to build' infrastructure," said Bloomberg. "In all fairness, they've finally come around." He said his administration looks forward to working with Congress and President-elect Barack Obama, "not just on the stimulus package, but on re-thinking the entire way we fund infrastructure projects in this country."

Bloomberg said the plan is intended to continue diversifying the city's economy away from its dependence on the financial services sector. For example, the Hunts Point produce terminal--which employs more than 6,000--will be modernized this year, and the city will begin development at the recently rezoned Willets Point in Queens. In addition, "we'll continue investing in our cultural institutions that bring millions of tourists and support hundreds of thousands of jobs."

To further the third point of the plan--strengthening small businesses--the Bloomberg administration is looking to create more business improvement districts and to make it easier for small IT firms to apply for city contracts. Bloomberg said small businesses could also benefit from the fourth point of the plan: modernizing and simplifying the city's business taxes.