The city now is expected to recover all jobs lost during the recession by the end of 2013, one year sooner than the rest of the country.
Mayor Bloomberg presented a Fiscal Year (FY) 2013 Preliminary Budget and an updated four-year financial plan. The Mayor outlined a plan that achieves a balanced budget – closing a $2 billion budget gap without tax increases, no layoffs of teachers or uniformed workers and no walking away from NYC's long-term investments which was made possible by the City’s years of prudent planning and spending restraint.
The Preliminary Budget reduces year-over-year controllable City expenditures, but expenses that are not fully controlled by the City – primarily pensions – continue to rise and continue to make less funding available for City services. The Preliminary Budget relies on $6 billion in savings for FY 2013 generated though eleven rounds of deficit closing actions taken by City agencies since 2007.
Last week New York passed a sweeping pension reform package. The plan that will save state and local governments more than $80 billion over the next 30 years. New York City taxpayer savings will account for $21 billion of this savings.
With this historic agreement, not a single current government worker or retiree will be affected and future city employees will receive pensions that taxpayers can afford
View New York City's Financial Plan Fiscal 2012/2013