Statement on the NYC November 2017 Financial Plan Modification

November 21, 2017 - Today, President Carol Kellermann issued this statement on behalf of the Citizens Budget Commission regarding the November 2017 Financial Plan modification:

The November 2017 Financial Plan, for fiscal years 2018 through 2021, is a wait and see modification.  The uncertainty about what will happen in Washington and the possibility that the economy may slow are not yet reflected in the current or outyear budgets.  We await January's plan to indicate how the Administration intends to address potential storm clouds on the horizon and to fund new initiatives the Mayor has discussed. 

Most changes included are modest and technical. Revenues are projected $187 million lower in the current year, with no significant re-estimate for the next three years. Outyear gaps are decreased due to lower spending projections, ranging from $187 million in fiscal year 2018 to $708 million in fiscal year 2021. Rather than coming from efficiency savings, these reductions are due to debt service re-estimates, personal service accruals, pension investment gains, and funding shifts.