Today,New York City Mayor Bill de Blasio presented his $89.3 billion Executive Budget proposal for Fiscal Year 2021, which is $3.4 billion less than the FY2020 Budget. The Mayor's Executive Budget looks to bridge a $7.4 billion shortfall through a combination of cost savings, limited new spending and using the city’s reserve funds. City Council Speaker Corey Johnson released a statement saying the Council wants to protect the most vulnerable New Yorkers by continuing “critical” social services. The City Council and Mayor's office will continue the budget negotiation process, and are required by law to pass a balanced budget by the June 30th deadline.