New York Mayor Bill de Blasio Saturday presented New York City’s Preliminary Budget for Fiscal Year 2021.
The Fiscal Year 2021 Preliminary Budget is set to be around estimatedly $95.3 billion. The hefty budget passed demonstrates caution in the face of a State budget gap of $6 billion. The budget passed is considered to balanced, with reserves of “historic levels”
The 2020 fiscal year budget will continue to make New York City the fairest big city in America by inducing critical new investments that are all paid by saving.
Reflecting on the slowing local and national economies, the revenue is estimated to be “cautious” at 2.0% growth. It reflects an increase in tax revenues with a yearly growth rate of 4.6% in FY20.
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.