Mayor Eric Adams unveiled a $98.5 billion preliminary budget Wednesday that reduces city spending by $2.3 billion, places more than $6 billion in reserve funds and shaves city headcount by more than 10,000 workers over the next two years.
Shortly after taking office, Adams asked nearly every city agency for a Program to Eliminate the Gap (PEG) savings plan. On Wednesday, he announced the citywide PEG is scheduled to achieve almost $2 billion in savings over the next two fiscal years.
“My administration is laser-focused on fiscal discipline,” Adams said. “We are not spending our money. We are spending your money.”
Adams said his administration will measure
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