Mayor Adams Releases November 2023 Financial Plan Update

Contributing sentiments towards policy:

50% : November 16, 2023 As Asylum Seeker Crisis Continues to Grow, Federal COVID-19 Stimulus Funding Dries Up, and Tax Revenue Growth Slows, Adams Administration Takes Strategic, Essential Steps to Responsibly Manage City’s Finances With Migrant Crisis Set to Cost Nearly $11 Billion Over Just Two Fiscal Years and FY25 Budget Gap Expected to Surpass Unprecedented $7 Billion, Administration Implemented PEG to Identify Efficiencies and Deliver Balanced Budget as Required by Law NEW YORK – New York City Mayor Eric Adams today released the City of New York’s November Financial Plan Update for Fiscal Year 2024 (FY24).
50% : “To balance the budget as the law requires, every city agency dug into their own budget to find savings, with minimal disruption to services.
49% : With sunsetting COVID-19 stimulus funding, slowing FY24 tax revenue growth, expenses from labor contracts this administration inherited after being unresolved for years, and a lack of significant state or federal government action on the asylum seeker crisis, the mayor took action the following month, announcing a 5 percent PEG on city-funded spending for all city agencies with plans for additional rounds of PEGs in the Preliminary and Executive Budgets.

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