New York City will soon release the first quarter update to the fiscal year 2023 Financial Plan—the November modification—which is likely to be more substantial and informative than usual due to Mayor Eric Adams’ call for a Program to Eliminate the Gap (PEG), a rocky economy with high inflation and danger of recession, and budget risks leading both City and State Comptrollers and CBC to warn that future gaps could approach $10 billion. Three questions that will undoubtedly and appropriately garner interest are:

1. How does the City modify revenue forecasts, given current economic conditions?
2. How large are the PEG savings and what share is from recurring efficiency improvements, rather than just spending reestimates?
3. How do the fiscal year 2024 through 2026 budget gaps change?