This is from the NY Post on the Executive Budget Mayor Eric Adams released on Tuesday. The spending plan is just short of $100 billion. However, the Department of Education stands to get a budget cut.
The massive Department of Education would see its allocation trimmed back from $31.6 billion to $31 billion, primarily due to enrollment declines and leaving hundreds of unfilled positions open.
As far as raises for city employees and reserves, the Post reports:
City Hall pointed to its plans to dedicate $1.7 billion over five years to the city’s savings account for future labor deals as well as contributions to the Big Apple’s reserves, which Adams would grow by $1.2 billion to $6.3 billion.
According to the Citizens Budget Commission official we cited the other day, "Raises totaling 3% annually for city employees would cost about $1.5 billion in the first year, increasing to $4.3 billion in the third year."
The Post says the city is reserving $1.7 billion for raises over five years. If we follow the Citizens Budget Commission person's numbers, there isn't nearly enough in reserve to provide anything near raises that keep up with inflation or are even 3% annually. We'll look further into the numbers if we have time. Just understand this is going to be a tough negotiation coming up.