New London — Mayor Daryl Justin Finizio will hold a press conference 2 p.m. today at City Hall to give an update on the negotiations between the fire and police unions.

Several weeks ago, Finizio said he would have to layoff  25 firefighters and 10 police officers in order to balance the city’s budget.

City officials and the fire department union leadership negotiated for several hours Tuesday. Details of any compromise reached were not available.

Finizio will also give his decision on the city budget for fiscal year 2012 - 2013, which begins July 1.

The City Council approved an $83 million budget, which represents about an 8 percent increase in taxes. Finizio has said that budget would require the termination of dozens of city employees.