Mayor de Blasio releases four-year financial plan

Posted On Wed, November 22, 2017 By

Posted On Wed, November 22, 2017 By In From Our Partners

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.

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