This announcement expands on the announcement made last week of a week of furloughs for Mayor’s Office employees between October and March. These expanded furloughs will impact nine thousand employees and save $21 million.
“I know this is difficult news for the dedicated public servants of our City,” said Mayor Bill de Blasio. “But we are forced to make these difficult decisions as we face a massive budget shortfall with no help in sight. We need Washington and Albany to step up. We need a federal stimulus and we need long term borrowing.”
The City is facing an enormous budget challenge, a $9 billion toll on City revenue, and has already cut $7 billion from the budget between February and the Fiscal Year 2021 Adopted Budget announced in June. The City continues to work with labor groups to find savings and prevent layoffs.
The Administration has made historic moves to make the City fiscally responsible and prepared for adversity, including:
- Increased reserve levels every year and increased general reserve to record levels
- Created first-ever Capital Stabilization Reserve
- Achieved billions of dollars in savings every year, even when revenue was strong
- At the height of the pandemic, achieved the largest savings plan of this Administration ($5.8 billion in FY20 and
- FY21 and $1.7 billion recurring)
- Saw our bond rating increased last year due to strong fiscal management
- Created New York City’s first-ever Rainy Day Fund.
Find out more news about Mayor Bill de Blasio here.