Mayor [GIULIANI] immediately pounced on the dire figures to explain why he can't give big raises to municipal workers.

City Comptroller Alan Hevesi said the boom that produced a record surplus of $3.192 billion last year will give way to a tiring economy and new spending needs that could spill red ink everywhere.

Giuliani took a slap at the control board, saying "maybe [it] does not understand completely the budgeting that we do and why we do things the way we do it."