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He said the company intends to send required layoff notices to workers before this weekend, adding that Icahn's company has lost nearly $100 million "trying to save the Taj".
A 2012 state report found that districts across the state issue more layoff notices to teachers than they need to, in part because of the disconnect between the required layoff notice timeline and the state budget timeline.
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None of the cuts will require layoffs, Mr. McCormac said.
He faces a huge budget shortfall that will almost certainly require layoffs.
The memo also said that unless the seniority language was scrapped, the law would require layoffs based strictly on seniority.
Administration officials say $600 million in further cuts could begin to cut vital services and could require layoffs.
Because the agencies have already cut their expenditures of city funds by $2.6 billion, more cuts could require layoffs.
On teacher layoffs, Mr. Walcott said he would continue Mr. Bloomberg's push to overturn a law requiring layoffs by seniority.
A1 EDUCATION No Layoffs Foreseen New York City school superintendents and union officials said budget cuts ordered by Chancellor Harold O. Levy would not require layoffs or affect most daily class activities.
The mayor and his schools chancellor, Joel I. Klein, have been warning of widespread layoffs for months and complaining about a state law that requires layoffs to be based on seniority.
PAGE A10 No Layoffs in Schools New York school and union officials said budget cuts ordered by Schools Chancellor Harold O. Levy will not require layoffs and will not affect most day-to-day activities.
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