OFFICE OF MANAGEMENT & BUDGET

The Mayor's Office of Management and Budget (OMB) is the chief financial agency of New York City. It is responsible for overseeing the city's fiscal operations and ensuring efficient allocation of resources across various city agencies. Established in 1933, OMB plays a pivotal role in shaping the city's budgetary policies and financial strategies.

Budget Preparation and Oversight

OMB's primary function is to prepare and manage the Mayor's Preliminary and Executive Budgets. This involves assembling and overseeing both the expense budget and the capital budget.

These budgets fund the services and activities of approximately 90 city agencies and entities. In Fiscal Year 2023, the expense budget was $101.1 billion, and the capital budget was $14.3 billion.

Fiscal Policy and Economic Analysis

Beyond budget preparation, OMB evaluates the efficiency and cost-effectiveness of city services and proposals. The agency employs economists who provide vital information to government officials on local, national, and global economies. This helps assist in informed decision-making.

Capital Financing and Legal Review

OMB manages the city's capital financing programs through the issuance of bonds and conducts legal reviews of capital projects financed with bond proceeds. This ensures that capital projects are financially sound and legally compliant.

Such oversight contributes to the city's long-term infrastructure development.

Leadership and Contact Information

The agency is led by the Budget Director, responsible for drafting the city's budget and advising the Mayor on policy issues affecting fiscal stability and city service effectiveness. As of December 23, 2021, Jacques Jiha serves as the Budget Director.

OMB's headquarters are located at 255 Greenwich Street, 8th Floor, New York, NY 10007. The office can be reached at (212) 788-5800.

Locations

• Manhattan, NY, USA

In summary, the Mayor's Office of Management and Budget is integral to New York City's financial management. It ensures resources are allocated effectively to meet the city's needs and supports the Mayor in maintaining fiscal responsibility and stability.