The FY20 Executive Budget is balanced, totaling $92.5 billion. This budget:
Achieves $916 million in savings over FY19 and FY20, exceeding the City’s original target of $750 million in order to meet over $150 million in additional critical needs identified since February. Of the $916 million in savings, $629 million were achieved through the Administration’s first ever Program to Eliminate the Gap (PEG), a mandatory savings program that includes agency efficiencies, programmatic cuts and a hiring freeze. The original target for the PEG was $545 million.
Maintains funding for more than $300 million in cuts and unfunded mandates from the State’s Executive Budget related to vital services and recently enacted State legislation.
Covers additional critical needs to keep the City in a strong fiscal standing and makes strategic investments in vital programs that build upon continued efforts to make New York City the fairest big city in America.