The budget overseen by the Mayor of New York City (NYC) is the largest municipal budget in the U.S. at over $70 billion a year. This city employs over 325,000 people, spends about $21 billion to educate more than 1.1 million students (the largest public school system in the United States), levies $27 billion in taxes, and receives $14 billion from the state and federal governments.

NYC is required by law to balance its budget. The city runs surpluses when revenues are greater than spending. Conversely, gaps are projected when spending is expected to exceed revenues. The city adjusts either revenues or spending plans, or both, in order to balance its budget. The adopted budget covers one fiscal year, which in NYC begins on July 1st of each year and ends on June 30th of the following year. Also, in NYC, a Ten Year Capital Strategy is issued by the Mayor by April 26th of each odd numbered year. This strategy details the city’s plan for the development of capital facilities.

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