On November 25, 2014, the City of New York submitted to the New York State Financial Control Board a revised four-year financial plan (the “November Plan”) covering fiscal years 2015 through 2018. The November Plan incorporates developments during the first quarter of the current fiscal year, including higher-than-expected tax collections and agency spending. The November Plan shows substantially smaller out-year gaps than projected by the City in June 2014, mostly because of savings from better-than expected pension fund investment earnings in FY 2014 and additional debt refinancings.

On February 9, 2015, the City of New York submitted to the New York State Financial Control Board a revised financial plan (the “February Plan”) covering fiscal years 2015 through 2019. The February Plan incorporates the Mayor’s preliminary budget for FY 2016 and developments during the first half of the current fiscal year.

On May 7, 2015, the City of New York submitted to the New York State Financial Control Board a revised financial plan (the “May Plan”) covering fiscal years 2015 through 2019. Despite the cost of new labor agreements and large increases in agency and capital spending, the May Plan projects a surplus of $3 billion for FY 2015, a balanced budget for FY 2016 and manageable out-year budget gaps.

On June 26, 2015, the City of New York submitted to the New York State Financial Control Board a four-year financial plan (the “June Plan”) covering fiscal years 2016 through 2019. The June Plan projects a balanced budget for FY 2016 and manageable out-year budget gaps. In addition, the City has been increasing its reserves, which could cushion the impact of an adverse budgetary development.

On November 12, 2015, the City of New York submitted a revised four-year financial plan (the “November Plan”) covering fiscal years 2016 through 2019 to the New York State Financial Control Board. The November Plan reflects relatively small technical adjustments since the budget was adopted in June 2015.

On January 21, 2016, the Mayor released his preliminary executive budget for FY 2017 and a financial plan (the “January Plan”) for fiscal years 2016 through 2020.

On April 26, 2016, the Mayor of the City of New York released his executive budget for FY 2017 and a financial plan (“the April Plan”) for fiscal years 2016 through 2020.

On June 14, 2016, the City of New York submitted a four-year financial plan (the “June Plan”) covering fiscal years 2017 through 2020 to the New York State Financial Control Board.

On November 17, 2016, the City of New York released a modification to its four-year financial plan (“the November Plan”) covering fiscal years 2017 through 2020. The November Plan incorporates a number of changes since the budget was adopted in June 2016, including a Citywide Savings Program, higher-than-planned spending and a small reduction in projected tax collections.

On January 24, 2017, the City of New York released a modification to its financial plan (“the January Plan”) covering fiscal years 2017 through 2021. Since the budget was adopted in June 2016, the City has implemented a citywide savings program, freed up unneeded reserves, and recognized unplanned spending and continued weakness in nonproperty tax collections.