After spending a record-shattering $100 million to win his third term in office, Mayor Bloomberg has decided against throwing a lavish inauguration party like he did after his first two City Hall victories. The wealthiest man in New York spent $2.5 million of his own fortune for a gala in the former Tweed Courthouse after his first election, and $1.7 million after his reelection for an event in a Downtown Bank with a performance by Liza Minnelli. But after he's sworn into office this time, he'll spend the day volunteering.

Sources tell the Post that instead of his typical New Years Day fetes, Bloomberg will "tour the city after the inauguration and take part in volunteer activities, including creating care packages at Staten Island Borough Hall to ship to the troops overseas." The more low-key day of volunteering is apparently supposed to promote his N.Y.C. Service initiative. Though the Mayor's Office declined to comment, the Times reports he "was cognizant that any kind of an inaugural gala would seem excessive or out of place during a time of economic anxiety, in a city struggling with double-digit unemployment and facing extensive cuts in subway service." A City Hall tipster told the Daily News: "[i]n lean times, we didn't want to throw a big party. When we're cutting services all over the city, we wanted to focus on volunteerism."