The renewed belt-tightening push comes less than a month after the city adopted its $125.8 billion budget. Mamdani said announcing the targets early would give agencies time to review their operations and eliminate inefficiencies “without compromising service.” “But we face a significant budget gap next year, with forecasted expenses exceeding revenue by at least $6 billion. At the time, the city’s May financial plan forecast a $7.1 billion gap for that year. It also requires each Chief Savings Officer to update their agency assessment every six months and identify new savings opportunities.