NEW YORK (WABC) -- New York City Mayor Eric Adams outlined the first budget of his tenure Wednesday.
The plan for fiscal year 2023 reduces the City's spending by $2.3 billion and increases budget reserves to over $6.1 billion, the largest in the City's history.
"This is the result of effective planning and judicious management, and New Yorkers can be confident that we have the resources for recovery, as well as for any uncertainties that may lie ahead of us," Adams said.
Adams said the City would close a $2.9 billion spending gap thanks to a Program to Eliminate the Gap which reduced the City's overall workforce and eliminated thousand of vacancies.
Additionally, the City brought in $1.6 billion more in tax revenues than it had projected in 2022 and expects further tax revenue growth by nearly three quarters of a billion dollars in 2023.
Adams said the budget prioritizes public safety, young New Yorkers, childcare, and working families.
"With this Preliminary Budget, we have taken the very first steps to turn our city around. The best city in the world will be even better if we focus on the basics," Adams said.
Following Adams' announcement, United Federation of Teachers President Michael Mulgrew released the following statement.
"With a record $6 billion in reserves, it is impossible for the city to use poverty as an excuse to avoid investing in our children. The good budget news gives the Adams administration a unique opportunity to improve services to students, from building new career pathways to lowering class size."
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