NEW YORK (PIX11) — Mayor Adams directed all New York City agencies to cut their budgets nearly 8 percent by the end of the upcoming fiscal year, a spokesperson confirmed Monday.
The order calls for a 3 percent cut by the end of this fiscal year, which ends on June 30, and then an additional 4.75 percent cut the following fiscal year, officials said. Mayor Adams said the cuts were needed because of new costs for pensions, expiring labor contracts and health care expenses. He estimated the new costs will increase the city’s spending by billions.
“In response, we are asking every city agency to tighten its belt without laying off a single employee or reducing services,” Adams said. “This Program to Eliminate the Gap savings plan is strong and decisive action that will protect both the city’s financial outlook and funding for critical programs and services, promote efficient government operations, and protect the city’s long-term financial stability. We appreciate our agencies’ partnership and will work with them to identify areas where savings can be achieved.”
This is a developing story. Check back for updates.
Suggest a Correction