“The first quarter update to the FY 2022 budget and financial plan reduces the expected outyear gaps while beginning to reduce the risks associated with the unspecified billion dollar labor savings in the financial plan baseline. This progress is in no small measure thanks to the stellar returns on our pension fund assets in FY 2021, which yielded savings of $800 million next year, $1.6 billion in FY 2024, and $2.4 billion in FY 2025. In addition, refunding of outstanding City bonds will yield savings of nearly $1.8 billion over the plan period.
“This financial plan improves the fiscal outlook—but with federal aid eventually depleting, there are economic uncertainties and substantial challenges ahead.”
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