Mayor de Blasio releases November financial plan update for fiscal year 2022 stimulus budget

November 30, 2021

A fiscally responsible fiscal plan advances a recovery for all of us and leaves the next administration a platform for success

NEW YORK— Mayor Bill de Blasio today released New York City’s November Financial Plan Update for Fiscal Year 2022 (FY22). The FY22 budget now stands at $102.8 billion and remains balanced. This administration’s final plan reflects strong fiscal management by significantly closing budget gaps, remaining focused on savings, maintaining strong fiscal reserves, and giving the incoming administration a springboard to success.

Budget growth in FY22 is driven by FEMA out-of-pocket costs and recognition of federal COVID-19 assistance and stimulus funding the city has used to save lives and support an equitable recovery. New City spending in FY22 funds investments to help fight COVID, support our recovery, and make New York City more resilient to climate change.

“This budget is an investment in working families and in our recovery. The November plan recognizes the critical federal government assistance that has enabled New York City to rebound strongly and invest in our future, from combating COVID-19 to climate change,” said Mayor Bill de Blasio. “As this administration draws to a close, we have significantly reduced budget variances and increased reserves, leaving the next administration with a solid foundation to continue New York’s recovery.”

By realizing substantial savings on pensions, debt service and agencies, budget variances, which were already below historical norms, are significantly lower than Adoption.

Adoption (in billions) November (in billions) Decline percentage
Year 23 variance $4.1 $2.9 29%
Year 24 variance $3.8 $2.7 29%
FY25 deviation $4.1 $2.1 49%

The plan reaches $983 million as part of the citywide savings program in fiscal years 2022 and 2023.

Fiscal reserves are $5.1 billion, including $3.8 billion in the Retiree Health Benefits Trust, $1.0 billion in the Rainy-Day Fund that was created and funded under this administration, and $300 million dollars in the general reserve. At their peak, NYC reserves totaled $6.1 billion in fiscal 2020, before the pandemic hit.

As the city’s financial situation has improved since the early days of the pandemic, the assumed annual labor savings of $1.0 billion has been reduced to $500 million in fiscal years. 2023 to 2025.

New agency spending of $534 million in FY22 is fully offset by a combination of pension adjustments, agency savings and debt service totaling more than $600 million realized during the same year. FY22 investments deepen the recovery for us all, expand the fight against COVID-19, strengthen the city’s commitment to protecting New Yorkers from the impact of climate change and extreme weather, and Moreover :

Fighting COVID-19 and investing in our recovery

  • Financing of the actions of the Rikers emergency relief plan ($57 million)
  • Providing debt relief to taxi medallion owners with a city-funded $50 million safety net in addition to the existing $65 million medallion relief program
  • Reintegration housing with health care and employment counseling for justice involved New Yorkers returning to the community ($29 million)
  • Extend COVID-19 emergency food distribution ($15 million)
  • Reducing Recidivism with MOCJ’s Precision Employment Initiative ($14M)
  • Deepen funding for Key to NYC vaccine prospecting ($10 million)
  • Expand Outreach to Street Homeless with Mobile Treatment Vans ($4.4M)
  • Increase the reach of Test & Trace ($7 million)
  • Expand mental health services in domestic violence shelters ($5 million)
  • $500 Vaccination Incentive Initiative for Municipal Workers ($6M)

Protecting New Yorkers from Extreme Weather and the Impact of Climate Change

  • Respond to critical needs related to the response to tropical storms Ida, Henri and Isaias ($36M)
  • Implement recommendations from “The New Normal: Combatting Storm-Related Extreme Weather in New York City” report, including an extensive sensor network, database of basement apartments, maintenance of green infrastructure and wetland management staff, a $15 million investment that builds on $2.4B in funding that was included in the FY22 Capital Commitment Plan
  • Fund offshore wind capacity building initiatives that will support the development and equipping of manufacturing businesses in the city ($2M)

Read the November financial plan update here.