The Budget Advocates have submitted a report on the current budget which starts:

The City is facing a fiscal crisis.

This year, the City is facing a $200 to $400 million shortfall because of the impact of Covid‐19 on the City’s seven economically sensitive taxes. Next year, the projected shortfall is $228 million according to the City Administrative Officer. This does not include the impact of Covid‐19 which will increase the shortfall to an estimated $400 million.

The City’s Adopted Budget for the fiscal year beginning July 1 was already stressed because of the impact of the budget‐busting labor agreements with the police, fire fighters, and civilian unions. It is now under additional pressure because of the City has been unable to offset the elimination of $150 million of furloughs that were objected to by the unions representing the City’s civilian employees. This includes the impact of the failed Separation Incentive Program and the diversion of $40 million from the Police Department budget.

To date, the City has not implemented any cost savings program.