Mayor Eric Adams unveiled his Fiscal Year 2024 Preliminary Budget during a presentation at City Hall on Thursday, which he said came in at a balanced $102.7 billion and placed a significant focus on cost-cutting measures.
Fiscal Year 2024 Preliminary Budget
“By staying focused on savings and efficiency, we will bring these gaps down over the course of the finite financial plan,” Adams said.The spending plan contains $8.3 billion in reserves the mayor said were gleaned from measures like cutting vacant agency positions by 50% and covering new agency initiatives either with savings or existing funds within those departments.
A representative with the mayor’s Office of Management and Budget said no public school teacher positions would be eliminated under the cuts but 390 civilian vacancies at the city Department of Education were put on the chopping block.November Financial Plan “For this reason, we will not vote on the budget modification with an understanding of the negative consequences in all potential options – we will not reject our own support for vital services to New Yorkers,” they added., or PEG, which called for all city agencies to cut their budgets for the current fiscal year — Fiscal Year 2023 — by 3% and for each of the next three fiscal years by 4.75%.
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