Savings

The Adams Administration Has Achieved More Than $4.8 billion in Budget Savings Over Fiscal Years 2023 and 2024 Since June 2022

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:

• Efficiencies: changes to agency practices that save funds by lowering spending, optimizing, or increasing revenue collection
  
  
• Underspending and re-estimates: includes lower than expected spending due to delay or reduced costs and using state or federal grant funds in place of city resources
  
  
• Debt service: lower than expected cost of financing the city’s capital program