Jacques Jiha, the director of the New York City Mayor's Office of Management and Budget, identified three key factors contributing to the city's budget shortfalls: the migrant crisis, insufficient federal aid, and escalating interest rates.
To address the budget challenges, Jiha initiated a Program to Eliminate the Gap (PEG) with three phases targeting a five percent reduction through spending and hiring freezes, aiming to optimize resource utilization and reassess expenditure estimates.
Jiha expressed hope for financial assistance from the state to potentially negate one of the PEG initiatives and restore savings, aiming to balance the budget without utilizing property tax increases, employee layoffs, or significant service disruptions.
#new-york-city #budget-shortfalls #fiscal-policy #program-to-eliminate-the-gap-peg #economic-challenges
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