Mayor Bill de Blasio, City Council Speaker Corey Johnson, Council Finance Chair Daniel Dromm and members of the City Council announced an agreement for an on-time and balanced City budget for Fiscal Year 2020.
January 2020 Financial Plan, Fiscal Years 2020-2024
The FY21 Preliminary Budget is $95.3 billion. This budget:
Growth in the budget is lower than in previous years, at 2.7%. This is primarily driven by labor settlements and benefits, which make up almost two-thirds of the growth, debt service, education, and criminal justice mandates. The Preliminary Budget reflects an increase in tax revenues with a yearly growth rate of 4.6% in FY20. Our FY21 revenue estimate is cautious at 2.0% growth, reflecting signs that the local and national economies are slowing.
Read the FY21 Preliminary Budget here.