New York City's November Financial Plan, released Thursday, Nov. 12, raises the fiscal 2027 budget to $129.2 billion. Tax revenue is up $965 million and two-year savings total $683 million, cutting the projected fiscal 2028 deficit to $6.2 billion. New money is set aside for Code Blue cold-weather outreach to homeless New Yorkers and for the city's higher share of federal SNAP costs.
New York City released its November Financial Plan on Thursday, Nov. 12. The fiscal 2027 budget (July 2026 to June 2027) now stands at $129.2 billion, up $3.3 billion from when it was adopted in June. About $1.15 billion of the increase comes from city funds. The city said the other $1.48 billion in federal funds and $635 million in state funds are routine adjustments made during the fiscal year.
Tax collections have risen since June and Wall Street earnings have been strong, lifting fiscal 2027 tax revenue by $965 million. Agency savings and lower debt service costs together save $683 million across fiscal 2027 and 2028. As a result, the projected fiscal 2028 deficit is $6.2 billion, down $257 million from June. Deficits remain large in fiscal 2029 and 2030, at a projected $8.7 billion and $9 billion, respectively. Reserves for fiscal 2027 total $7.8 billion, and the city has prepaid $845 million of its fiscal 2028 share.
New Money for Cold-Weather Response and SNAP Administrative Costs
The plan adds $25.2 million in fiscal 2027 for Code Blue, the program that connects homeless people to shelter when temperatures drop. The money will expand street outreach teams, nursing staff and vehicles, and increase capacity at warming sites. Under the federal law H.R. 1, the city's share of SNAP (food stamp) administrative costs rises from 50% to 75%, and the plan adds $61.7 million to cover it. It also sets aside $500,000 for cooling tower inspection staff, in response to the Legionnaires' disease cluster that struck the Upper East Side and the South Bronx this summer.
The plan also includes $40.3 million to raise per-meal and insurance rates for homeless shelter operators, and $48.3 million for improvements at the city's juvenile detention facilities, Crossroads and Horizon. The Department of Education plans to spend $9.6 million on contract management staff and save $100 million over two years. By having city employees do work previously handed to outside consultants, the Office of Technology and Innovation (OTI) will cut $4.6 million in fiscal 2028, and the Law Department will cut $2 million a year.
Mayor Zohran Mamdani said, "Fiscal responsibility and good public services go hand in hand." Under Proposal 5, which passed in this month's election with about 73% of the vote, the city is working out how to calculate annual deposits into the Rainy Day Fund, its emergency reserve. It will report the savings again in the preliminary fiscal 2028 budget, due early next year.