Mayor releases $93.5 billion budget for 2021 fiscal year

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Mayor Bill de Blasio released the preliminary $93.5 billion budget Thursday for the 2021 fiscal year. 

The mayor's office says the budget was created in the face of a $6 billion state budget gap. News 12 is told it's the largest state deficit the de Blasio administration has seen--which the mayor's office says could mean a significant cut to the city's budget.

The mayor says that with the budget at hand--there are investments in critical needs. Some of those investments include improving NYCHA community centers, supporting community-based justice programming at the Community Justice Center, keeping streets safe through the Vision Zero and Curb Cuts programming, and boosting the Fair Fares program.

The city has saved about $714 million across fiscal year 2020 and 2021.

News 12 is told the city sets aside $1 billion in the general reserve and $250 million in the capital stabilization reserve.

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