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City’s budget soars to nearly $86B

The city’s budget has jumped by $750 million since the spending plan was approved in June, new budget documents released Tuesday show.

The budget now adds up to $85.99 million for the 2018 fiscal year — up from $85.24 billion when it was adopted five months ago.

Most of the hike comes from new federal funding for Superstorm Sandy recovery and homeland security grants. The city is also increasing spending of its own cash by $47 million — paying for items like a new construction safety training program and New York’s relief efforts in Puerto Rico, authorities said.

“While we will continue to provide for New Yorkers however we can, we must also be cognizant of the fact that Washington continues to threaten billions of dollars of federal aid and investments must be thoughtful,” Mayor de Blasio said.

The extra city spending is offset by $234 million the city is saving on things like interest on its debt and health care costs, according to the mayor’s office.

Total city tax revenues have also dropped by $207 million, after a decrease in business tax collections. The property tax haul is up, but not by enough to make up the difference.

The city is spending an extra $4.5 million to fund a requirement passed in September that workers on most construction sites get at least 40 hours of safety training.

Another $4 million is going to the Office of Emergency Management to dispatch first responders and supplies to hurricane-stricken Puerto Rico.

There’s also $7 million in new spending on upgrades to 311 and other tech projects.

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