citymeetings.nyc

Your guide to NYC's public proceedings.

AGENCY TESTIMONY

Revenue revisions and citywide savings measures in the preliminary budget

0:14:33

·

62 sec

Jacques Jiha outlines the revenue revisions and citywide savings measures included in the FY 2026 preliminary budget, highlighting significant increases in tax revenues and comprehensive savings across various areas.

Tax revenues were revised upward by $1.1 billion in FY 2025 and $2 billion in FY 2026, driven by growth in business taxes and strong Wall Street performance.
Total savings in the plan amount to $3.4 billion over FY 2025 and FY 2026.
Savings include $2.7 billion in citywide savings, over $270 million in pension savings, and $400 million in labor reserve savings.
Jiha emphasizes that these savings will not impact programs or service delivery.

Jacques Jiha

0:14:33

Our success coupled with strong national economy led to an upward revision of CE tax revenues by 1,100,000,000 in fiscal year twenty five and $2,000,000,000 in fiscal year twenty six compared with the November 2024 financial plan update.

0:14:50

These gains are driven by growth in business taxes fueled by strong Wall Street performance in fiscal year twenty twenty four, which is expected to continue in 2526.

0:15:03

Savings in this plan totaled $3,400,000,000 over fiscal years twenty five and twenty six, which includes $2,700,000,000 in citywide savings, over $270,000,000 in pension savings, and 400,000,000 in labor reserve savings.

0:15:21

As we typically do over the final months of the budget cycle, we will work with agencies to identify on their spending savings.

0:15:30

This will have no impact on programs or service delivery.

← Previous Chapter

Budget balance and positive economic indicators for New York City

Next Chapter →

Asylum seeker crisis management and associated cost reductions