The Tokyo Metropolitan Government said Friday that it will cut its workforce by 4,000 and raise an additional 30 billion yen from tax revenues to improve its finances by fiscal 2006.
The steps are included in the metro government's second three-year financial program. The first program began in fiscal 2000.
Without any countermeasures, the metro government is expected to be stuck with an estimated deficit of 370 billion yen in fiscal 2006.
It plans to boost its finances by 120 billion yen through policy reviews, 50 billion yen through personnel cuts and 20 billion yen by reviewing retirement allowances.
Gov. Shintaro Ishihara told a news conference, "Although the personnel cut has been capturing the attention of the media, we have reviewed all policies and systems to reconstruct our finances."
In the first three-year plan, the metro government managed to secure 520 billion yen in financial resources through restructuring.