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Revenue revisions and citywide savings measures in the preliminary budget

0:14:33

ยท

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.
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