NEW YORK, NY January 25, 2008 —REPORTER: Mayor Bloomberg has rolled out a $58.5 billion budget plan, featuring cuts throughout city government, including the Education and Police Departments.

Police Commissioner Ray Kelly says the reductions are manageable.

KELLY: Budget cuts are necessary. You never like them. It's uncertain times, but I think the public won't see a diminishment of services.

REPORTER: The mayor's cuts will amount to a savings of nearly $1.5 billion this year and next.

Bloomberg portrayed the cuts as ones that will improve efficiency, not hurt services.

As a way to affect the other side of the equation and raise revenue, the Parks Department has proposed selling naming rights to corporations at major sites around the city.