Bracing for a possible recession in the years ahead, Mayor Eric Adams’ administration announced Tuesday that its November Financial Plan will save the city a projected $2.5 billion over Fiscal Years 2023 and 2024 thanks to an array of agency cutbacks.
Tuesday’s cuts – made through the so-called Program to Eliminate the Gap (PEG), which impacted virtually every city agency, first became public in September, when Adams’ Budget Director Jacques Jiha sent a memo to each agency head that instructed them to draw up plans for cutting their Fiscal Year 2023 budgets by 3% and for each of the next three years by 4.75%.
