Review of the Financial Plan of the City of New York, May 2024
Higher-than-projected revenue and cost-saving initiatives have helped New York City’s fiscal year (FY) 2024 budget generate a projected year-end surplus of $3.9 billion that will be used to prepay expenses for the next fiscal year, helping the City balance its FY 2025 executive budget. While some of the fiscal challenges facing the City are not in its direct control, including the continued influx of asylum seekers, preparation and transparency remain paramount to navigating future uncertainty.