November 22, 2019
Plan maintains historic levels of reserves and reflects savings that largely offset new City spending
NEW YORK––Mayor Bill de Blasio today released New York City’s November Financial Plan Update for Fiscal Year 2020 (FY20). The FY20 budget is now $94.4 billion and remains balanced. The Plan achieves $474 million in savings across Fiscal Years 2020 and 2021. New City spending in FY20 includes funding of costs related to state-mandated Criminal Justice Reform, and honors commitments to previously announced investments that will improve the lives of all New Yorkers.
“A budget is a statement of priorities and with this update, our priorities are clear,” said Mayor Bill de Blasio. “Paying workers a fair wage, increasing safety in our most vulnerable communities and improving how New Yorkers get around are some of the targeted investments we’re making to continue building a fairer and more equitable city.”
The Plan reflects technical adjustments to the FY20 budget including recognition of federal and state grants, and revised revenues. Growth in the budget, which is line with previous years, is primarily driven by recognition of $974 million in federal and state grants. Tax revenues have increased by $482 million, reflecting an increase in Personal Income Tax and Corporate Tax collections which are partially offset by a decline in Unincorporated Business Tax.
Budget reserves remain at more than $6.0 billion, a record level.
Read the November Financial Plan Update here.
The majority of new City spending of $311 million in FY20 and $386 million in FY21 is largely offset by $474 million in savings across those same years, and supports state-mandated costs and commitments made when the budget was adopted in June and over subsequent months.
FY20 spending highlights include: