Brad Lander
0:06:00
As you know, that stronger economy enabled OMB to restore some of the cuts that had previously been announced to cultural institutions, schools, libraries, the NYPD, and to put down payments on some chronically under budgeted costs and fiscal cliffs.
0:06:14
But those funds, including additional support from the state, only partially cover the needs that we know, the expenses we know are going to materialize in the coming year.
0:06:25
Important education programs funded with expiring federal stimulus dollars have been maintained, but in some cases, only funded for 1 year.
0:06:33
While more realistic funding was provided for the city FEPPS program as currently implemented, we estimate that still an additional $500,000,000 will actually be spent on city FEPPS in each year of the plan.
0:06:46
And, of course, while the April financial plan did not further reduce essential city services, cuts to critical services and institutions from the prior PEGs remain.
0:06:55
The administration reported gaps of 5,500,000,000 in f y twenty 6, rising to 5,700,000,000 in f y 28.
0:07:02
But when you add in those areas of underbudgeting and fiscal cliffs to to correct, my office sees revised gaps of 2,600,000,000 in f y 25, the year that must be balanced, which is 2.3 percent of total revenues, growing to approximately 8,500,000,000 in f y 26 and the out years.
0:07:22
That's about 7 a half percent.
