New York City Mayor Bill de Blasio is set to unveil his first executive budget proposal.

De Blasio, the first Democratic mayor in a generation, on Thursday will outline his vision for a municipal budget that will exceed $73 billion.

He released his preliminary proposal in February. The city council countered with its vision last month.

Once the mayor’s revised budget is released, the two sides must strike a deal before the next fiscal year begins July 1.

The new budget will reflect several new developments, including the injection of $300 million of state money to fund pre-kindergarten and the nine-year, $5.5 billion teachers union contract.

More than 150 unions are still working on expired contracts.

The budget is not expected to contain any layoffs or significant service cuts.

(AP)