New York City Mayor Bill de Blasio is preparing to unveil a preliminary $84.67 billion budget for fiscal 2018, approximately more than $1 billion over the current fiscal year, his office said late on Monday.
"This is a responsible budget that focuses on improvements to public safety, education, infrastructure and affordability," a spokesman in the mayor's office said.
De Blasio is scheduled to unveil the budget on Tuesday afternoon.
New York's City Council will hold budget hearings over the coming months. It must approve de Blasio's executive budget proposal by June 30. Last year de Blasio reached a budget deal with the City Council nearly a month ahead of the deadline.
Earlier on Monday, Moody's Investors Service highlighted in a report that New York City's economic output exceeds all but four U.S. states. Its status as a global financial hub, means jobs in finance, insurance, and real estate account for 10.9 percent of its employment and 29 percent of its wages, Moody's said.
"It's $1 trillion tax base is larger than Los Angeles, Chicago, and San Diego combined," the firm said in a statement.
"Continued economic growth remains necessary to keep pace with the city's debt service, pensions and retiree health care costs. While moderate compared to the 50 largest local governments in the U.S., New York's fixed costs are growing quickly, increasing by an average of 3.9 percent over the past five years," Moody's said.
In November, de Blasio said his Citywide Savings Program (CPS), an effort to make municipal government more efficient, showed a balanced financial plan totaling $83.46 billion. It also was expected to generate $1 billion in savings in fiscal years 2017 and 2018 and $719 million in fiscal years 2019 and 2020.
The Wall Street Journal earlier reported the preliminary budget figure.
(Reporting by Daniel Bases; Editing by Lisa Shumaker)