AGENCY TESTIMONY
Current state of the FY2025 budget and future outlook
5:02:44
·
101 sec
Jiha presents the current state of the FY2025 budget, highlighting the stabilization of city finances and a more positive outlook compared to the previous fall. He details the balanced budget and manageable out-year gaps.
- FY2025 budget balanced at $111.6 billion
- Out-year gaps manageable and within historic norms: $5.5 billion in FY26, $5.5 billion in FY27, and $5.7 billion in FY28
- Cancellation of agency PEG and relaxation of hiring and OTPS freezes
- Achievement of nearly $750 million in additional savings in FY2024-25, including $600 million in asylum seeker cost reductions
Jacques Jiha
5:02:44
The executive budget highlights the importance of our planning early planning efforts and reflects the work that we have done throughout the budget cycle to stabilize these finances and outlook.
5:02:59
Even though we still face challenges ahead, we are in a better place than we were just last fall.
5:03:07
The fiscal year 'twenty five budget remains balanced at $111,600,000,000 IoT gaps, as I said, are manageable and within historic norms at $5,500,000,000 in fiscal year 'twenty six, 5,500,000,000 in 20 7, and 5,700,000,000 in 20 fiscal year 20 8.
5:03:28
Because we were on stronger ground, the mayor canceled the agency peg in this plan.
5:03:36
He also relaxed the hiring and OTPS squeezes.
5:03:41
However, we still achieved nearly $750,000,000 of additional savings in fiscal 202425 driven by nearly $600,000,000 in asylum seekers cost reductions.
5:03:57
This brings total migrants related savings to $2,300,000,000 over the 2 fiscal years, a nearly 30% reduction and has reduced the cost for gas to about $10,000,000,000 over 3 fiscal years.
5:04:12
Total PEC savings over the 2 fiscal years across the November, January, and April plan plans are a record level of 7 and a half $1,000,000,000 before accounting for restorations.
