New York ? While other politicians might retire to a back room of a restaurant to work out a budget deal, Mayor Michael Bloomberg has done them one better: He flew two key legislative leaders last week to his palatial Bermuda estate aboard his corporate jet, at his own expense.

A year after spending a record $73.9 million to win City Hall, Bloomberg has dipped with gusto into his $4.8 billion fortune to govern New York.

Facing the city’s worst budget dilemma in a decade, he has opened his own wallet to support museums and arts organizations, and pushed his political agenda by escorting politicians on trips aboard his jet and playing host to dinners at his Upper East Side townhouse.

Analysts say Bloomberg – No. 29 on the Forbes list of the nation’s richest people – has used his personal wealth to an extent unmatched by contemporary politicians.

While many regard the practice warily, most say he has not run afoul of ethics laws.

“Considering the tough times we are in, I think New Yorkers appreciate the fact that Mayor Bloomberg does not hesitate one second to spend his own money to help the city,” Bloomberg spokesman Ed Skyler said. “If he didn’t, I imagine some people would criticize him for being stingy.”

The city is facing a $1 billion budget deficit this fiscal year, a gap of as much as $6 billion next year, and looming tax increases and layoffs.

Last week, Bloomberg was named the nation’s wealthiest politician by Forbes magazine, far ahead of Arkansas Lt. Gov. Winthrop Rockefeller, who was second at $1.2 billion.

The mayor rarely speaks about his wealth and his donations are generally made anonymously. But public documents and people familiar with Bloomberg’s spending provide a glimpse:

• Gracie Mansion, the official mayoral residence, got a $5 million for refurbishment.
• More than a dozen small and medium-sized cultural organizations around the city split a $10 million Bloomberg donation to the Carnegie Corp.
• The state Republican Party got nearly $1 million after Bloomberg switched from a Democrat to a Republican to run for mayor last year.

Bloomberg, founder of the financial information company Bloomberg L.P., also has ferried politicians of both parties on his jet on official trips to Puerto Rico, the Dominican Republic, Greece and Turkey.

And he has played host to GOP fund-raisers at his townhouse :quot; where he continues to live :quot; and intimate dinners for everyone from city council members to actors and artists.

Last week, he flew the state’s legislative leaders, Senate Majority Leader Joseph Bruno and Assembly Speaker Sheldon Silver, to his Bermuda estate, where the three spent a day and a half golfing and discussing the city’s budget problems.

“It was about as pleasant a way to discuss a troublesome thing as you can imagine,” Bruno said later.

Some government watchdog groups were critical of the Bermuda jaunt, suggesting the mayor exceeded limits on how much may be spent on legislative lobbying. The administration responded that those limits do not apply because the mayor is not a lobbyist.

So far, the mayor has yet to deliver on a particularly extravagant :quot; though facetious :quot; promise, made on David Letterman’s “Late Show”: “I’ll personally pay every New Yorker’s rent for the next four years.”