Chair Lee questions OMB on state budget assumptions in executive plan

Perfect.

Okay.

Okay, so starting with the state budget assumptions, the executive plan was released, obviously, as we know, prior to the adoption of the state budget, and now we have the state budget.

So what assumptions does the executive plan include regarding state actions or funding, and were all the assumptions included in the final adopted state budget?

Yes.

I think it's another opportunity to really thank Governor Hochul, Leader Stuart Cousins, and Speaker Hastie.

What was committed to was provided, and so we are confident in what we put in the executive budget in terms of what the final product was.

Okay, and what other actions in the adopted state budget will affect the city's financial plan that were not included in the executive plan?

There was one particular area, Chair, and we had put up in the financial plan $110 million for what we anticipated would be the cost impacts from...

Pension enhancement legislation is the tier six legislation and a couple of other pension bills It turned out in the final analysis that tier six was more costly to the city.

So we hadn't booked that extra I believe year one was 36 million dollars more and

And there were a couple of other pension bills, you know, as well.

So that is something that we'll have to reflect based on those fiscal notes.

Okay, so that was $110 million total of the...

$110 million we put in the financial plan.

Right.

But it turned out that Tier 6 was, I think, I believe, $36 million more.

Okay.

Perfect.

Also, just really quickly, we've been joined by Jay Sanchez, Councilmember Epstein, Councilmember Ressler, Councilmember Farias, and then on Zoom we have...

Tiffany-Cabán, Councilmember Cabán.