NEW YORK: New York City’s projected budget deficit for next fiscal year shrank by US$1.2bil (RM5.04bil), as additional federal reimbursements boosted revenue and robust investment returns reduced expected pension spending, according to a financial plan that was released.
The anticipated budget gap for the fiscal year starting July 1, 2022, fell to US$2.9bil (RM12.19bil), from the US$4.1bil (RM17.23bil) deficit seen in June.
New York will get an additional US$750mil (RM3.15bil) from a Federal Emergency Management Agency reimbursement this fiscal year.
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