For November Plan Highlights and the full Budget, please see below.
2017 November Financial Plan Highlights
Today, Mayor Bill de Blasio released New York City’s November Financial Plan Update for Fiscal Year 2018. The November Plan is balanced, totaling $85.99 billion.
In this budget, City spending will increase by $47 million in FY 2018 and $59 million in FY 2019, though these expenses will be entirely offset by $234 million in new savings in FY18 and $123 million in pension savings and $238 million of new savings in FY 2019. These new savings include debt service savings, health care savings, and agency adjustments.
In addition, as part of the November Plan, the City is reducing City tax revenue projections by $207 million for FY 2018, reflecting a decline in Business Taxes despite a partial offset by increases in Real Property Tax collections.