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Savings
The Adams Administration Is Laser Focused on Savings
Savings has been achieved without service disruptions, layoffs, or tax hikes
Budget savings are a critical financial management tool that help build a stronger and more resilient city. By using resources more efficiently we save taxpayer dollars, promote government efficiency, and help close budget gaps. There are a variety of savings strategies to achieve these goals:
- Efficiency: Active changes to agency practices that improve the City’s finances without reducing service levels. This can be achieved by lowering spending, optimizing grant claiming, or increasing revenue collection. This includes hiring freeze savings and vacancy reductions.
- Expense Re-estimate: Less than expected spending on a program due to delay or underspending (lower than anticipated costs).
- Revenue Re-estimate: Revenue that did not require active agency efforts, either through grant claiming that results in a funding shift or an increase in City funds revenue.
- Service Reduction: Expense savings from scaling back programs, resulting in a decrease of services provided to the public.
- Debt Service: Lower than expected cost of debt service expenditures.
