January 2020 Financial Plan, Fiscal Years 2020-2024

The FY21 Preliminary Budget is $95.3 billion. This budget:

• Demonstrates caution in the face of a $6 billion State budget gap


• Is fiscally responsible — the budget is balanced and maintains historic levels of reserves


• Makes critical new investments that are all paid for by savings and continue to make New York City the fairest big city in America

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.