Photo via Office of the Mayor
Mayor Bill de Blasio released New York City’s November Financial Plan Update for fiscal year 2018 and an updated four-year financial plan on Tuesday. City spending, which increased by $47 million in fiscal year 2018 and $59 million in fiscal year 2019, is entirely offset by $234 million in new savings this fiscal year and $238 million of new savings and $123 million in pension savings next. New savings include debt service savings, health care savings, and agency adjustments. The vast majority of growth in the budget, which is now $85.99 billion in fiscal year 2018, is due to increases in federal funding for Superstorm Sandy recovery efforts and homeland security grants.