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Council Member Brannan questions OMB Director on budget savings and write-offs
0:54:46
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70 sec
Council Member Justin Brannan questions Jacques Jiha, Director of NYC Mayor's Office of Management and Budget, about the significant increase in savings from writing off prior year receivables and expenses in the executive budget plan. Jiha explains that a large portion of these write-offs is related to asylum seeker expenses from the previous fiscal year.
- The executive plan included $266 million in savings from write-offs, in addition to $500 million from the preliminary plan, totaling over $800 million.
- This amount is significantly higher than in previous years, which typically saw around $400 million in write-off savings.
- The increase is primarily due to writing down asylum seeker-related expenses from fiscal year 2023.
Justin Brannan
0:54:46
Okay.
0:54:47
The executive plan included $266,000,000 in savings from writing off prior year receivables and expenses.
0:54:56
This year this is after finding a similar $500,000,000 in savings in the preliminary plan, making a total of over $800,000,000 in savings this year.
0:55:07
In past years, at most, the city took 400 millions of savings from these write offs.
0:55:14
So can you explain the process that OMB goes through to determine these savings?
0:55:18
And how do you identify these savings?
0:55:21
And what's process for writing them off?
Jacques Jiha
0:55:24
Yeah.
0:55:24
This one in the executive budget was related to, I believe it's an asylum seeker write down.
0:55:32
And this was an accord that was put up in fiscal year twenty twenty three, you know, and we were writing it down this year.
Justin Brannan
0:55:41
And is that why the savings for FY '20 '5 are so much higher than previous years?
Jacques Jiha
0:55:45
Yes.
0:55:46
Okay.
Justin Brannan
0:55:48
Which agencies have the highest amount of prior year revenues written off?
Jacques Jiha
0:55:54
I could give you that information.
0:55:56
Okay.
0:55:56
I want