Mamdani has released an initial update on a comprehensive citywide savings plan designed to close a massive budget deficit inherited from the previous administration. Following a recent executive order requiring all city agencies to identify budget cuts of up to 2.5%, departments have submitted proposals totaling over $1.7 billion in potential savings for Fiscal Years 2026 and 2027. The administration’s cost-cutting strategies focus primarily on eliminating government waste by in-sourcing consultant work, modernizing technology, consolidating office space, and renegotiating vendor contracts. Highlighted approvals include a projected $100 million in savings from auditing employee health plan dependent eligibility, terminating a $9 million McKinsey contract, and cutting various underutilized software subscriptions. City Hall and the Office of Management and Budget are currently reviewing the full $1.7 billion in proposals to integrate the final approved measures into the upcoming Executive Budget.