New York City Mayor Bill de Blasio says the city’s nearly year-old bike-sharing program is apparently facing “a serious economic situation.”

De Blasio says Friday he values the Citi Bike program and wants it to succeed — but there are no plans for the city to contribute funding.

De Blasio was responding to a report in The Wall Street Journal that said the privately funded bike-share program needs to raise tens of millions of dollars to survive.

A spokeswoman for the Portland, Ore.-based company Alta Bike Share, which runs Citi Bike, says the program is a success and 700 people signed up for annual memberships in the last week.

City Councilman Ydanis Rodriguez said he will introduce legislation to compel Citi Bike to disclose financial information to the city.

(AP)