Business shutdowns and other measures to confront the coronavirus have gutted the city’s revenue streams. The city sustained a $10.5 billion drop in its tax revenue over fiscal 2020-2022, including a $1.5 billion decline since November in this fiscal year and the next.

“Achieving fiscal stability will be essential for building a strong foundation for economic recovery,” said Andrew Rein, president of the watchdog Citizens Budget Commission.

“Unfortunately, nearly one year into the fiscal crisis, the city still has not substantially embarked on the significant restructuring and spending restraint needed to stabilize its long-run finances.”