On November 25, 2014, the City of New York submitted to the New York State Financial Control Board a revised four-year financial plan (the “November Plan”) covering fiscal years 2015 through 2018. The November Plan incorporates developments during the first quarter of the current fiscal year, including higher-than-expected tax collections and agency spending. The November Plan shows substantially smaller out-year gaps than projected by the City in June 2014, mostly because of savings from better-than expected pension fund investment earnings in FY 2014 and additional debt refinancings.