On November 9, 2012, Mayor Bloomberg revised New York City’s four-year financial plan (the “November Plan”) to reflect a delay in the planned sale of additional taxi medallions caused by legal challenges. Previously, the City’s financial plan had counted on the receipt of $635 million from the sale in FY 2013, and a total of $1.5 billion over three years. The City no longer anticipates the receipt of any sale proceeds in the current fiscal year, and now expects to realize $1.5 billion during fiscal years 2014 through 2016.

On January 29, 2013, Mayor Bloomberg released his executive budget for FY 2014 and the associated four-year financial plan (“the January Plan”). The January Plan reflects the City’s failure to reach agreement with the United Federation of Teachers on a new teacher evaluation system, which may result in the loss of $250 million in State education aid and cuts in educational services. The January Plan also reflects the estimated cost of Superstorm Sandy.

On May 2, 2013, the Mayor released his executive budget for FY 2014 and the associated four-year financial plan (“the May Plan”). The May Plan reflects the estimated impact of federal sequestration, the cost of Superstorm Sandy and the enacted State budget. Although the May Plan projects modest budget gaps beginning in FY 2015, the City has yet to reach new labor agreements with its unions.

On June 27, 2013, the City of New York submitted to the Financial Control Board a four-year financial plan (“the June Plan”) based on the adopted budget for FY 2014, which began July 1, 2013. The FY 2014 budget is balanced and maintains services at current levels without raising taxes. Although the June Plan projects modest budget gaps in future years, the City has yet to reach new labor agreements with its unions.

On November 21, 2013, the City of New York revised its four-year financial plan (the “November Plan”) to reflect a number of favorable developments since the FY 2014 budget was adopted in June 2013. The City now forecasts that revenues will be higher by $1.1 billion in FY 2014 (mostly from nonrecurring sources), debt service will be lower during the entire financial plan period, and recurring savings will come from a one-year freeze in employee health insurance premiums in FY 2015.

On February 12, 2014, the City of New York revised its four-year financial plan (the “February Plan”) to update its revenue and expenditure forecasts, and to begin reflecting the priorities of the new mayoral administration. Since the beginning of the fiscal year, the City has raised its tax revenue forecast by more than $5 billion through FY 2018 because the economy is outperforming the City’s expectations.

On May 21, 2014, the City of New York revised its financial plan (the “May Plan”) to update its revenue and expenditure forecasts for fiscal years 2014 through 2018. The May Plan reflects the Mayor’s executive budget for FY 2015 and the recently ratified labor agreement with the United Federation of Teachers (UFT).

On June 26, 2014, the City of New York submitted to the New York State Financial Control Board a revised financial plan for FY 2014, which ended on June 30, 2014, and a new four-year financial plan (the “June Plan”) for fiscal years 2015 through 2018. The June Plan incorporates the adopted budget for FY 2015 and other revisions since the Mayor released his executive budget.

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.