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NYC 2022 Budget Restores Reserves, Adds to Rainy-Day Fund

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It adds $2.8 billion to reserves, and $500 million to the rainy-day fund, which now stands at $1 billion. It also makes cuts to police overtime.

Mayor De Blasio and City Council Speaker Corey Johnson’s budget deal calls for a $99 billion spending plan for New York City in 2022.

The budget for the NYPD is of course a critical component of the overall budget, especially overtime, which De Blasio says they tried to cut.

“We reduced overtime a lot,” he said. “We were not able to reduce it quite as much as we wanted, but we did reduce it quite a bit, so we put in a number that we now believe is the realistic overtime number for what we’re going into for next year but it’s substantially less than what it was in previous years.”

The budget adds almost $3 billion to the city’s reserves, and $500 million to its rainy-day fund.

“Now we’re in a situation where we will not have to touch our reserves,” he said. “They will stay stable, in fact, I expect they will be added to with each successive budget because we expect really good revenue to be coming in.”

This was De Blasio’s last budget, and he was asked about the handoff to whoever ends up in City Hall next year.

“I feel, to the bigger question, “What are we leaving to the future? I feel that despite what we went through we’ve almost restored the reserves to where they were,” he said. “That’s crucial.”

Janice Kirkel is a lifelong award-winning journalist who has done everything from network newscasts to national and local sports reports to business newscasts to specialized reporting and editing in technical areas of business and finance such as bankruptcy, capital structure changes and reporting on the business of the investment business.