New York, NY – New York City’s Mayor Bill de Blasio cautiosly plans a budget for 2020 as finances face headwinds in New York and across the country.
In planning for the next fiscal year, we are facing new realities and tough choices. The economy is slowing and Washington and Albany are looking to stick us with the bill. This budget will advance the priorities of our Administration while challenging agencies to find savings in other areas. The end result will be a responsible plan that will continue our mission to make New York City the fairest city in America,” said Mayor De Blasio.
The FY20 Preliminary Budget is totaling $92.2 billion but according to the Mayor caution is needed. The city budget sets a savings goal of $750 million. This will be achieved in part by deepening the City’s hiring freeze. The Mayor is particularly concerned with the shifting of funding responsibility from Albany to the city. This could affect 600 million in needed educational and health service.
Tax revenues are coming in at a slower pace than last year. The City now projects that personal Income Tax revenue will be $935 million less than last year. Further, leading economists and business leaders have forecast a slowdown in the economy come 2020. This economic outlook has led the administration to take its responsible budgeting even further. In addition, another federal government shutdown would cost New Yorkers who rely on food stamps, rental assistance and other programs, $500 million per month, beginning in May. This includes $110 million a month in federal reimbursements to the City government.
The FY20 Preliminary Budget will continue to fund crucial services that include: Expanding early childhood education programs. Providing guarenteed healthcare access for 600,000 uninsured. Continuing to distribute half-priced MetroCards to low-income New Yorkers.