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Mayor's office warns of multiyear budget gap; orders 15% ongoing reductions in year one
Summary
The mayor's budget office and controller presented a five-year financial update showing expenditure growth outpacing revenues and projecting an $876 million two-year deficit; the mayor's office instructed departments to propose permanent 15% reductions to general fund spending for 2025-26 and implemented a near-term hiring freeze.
The mayor's budget office and the controller presented the city's five-year financial plan update Feb. 5, warning that projected expenditure growth will outpace revenue growth and create an $876 million two‑year shortfall over the next two budget years.
"Our rate of expenditure growth far outpaces the city's general fund revenues, which is projected to create an $876,000,000 2 year deficit for the next 2 budget years," Benjamin McCloskey, interim director of the Mayor's Budget Office, told the committee. The presentation attributed the immediate deficit…
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