The City Council has identified resources it believes could use to close part of the city's spending gap without relying on the Revenue Stabilization Fund, the Rainy Day Fund, which was created in 2021 under Mayor Bill de Blasio. The fund, which has grown to about $2 billion, has not been used by the city. Potential savings include roughly $1.4 billion tied to debt service adjustments, reductions in agency vacancies, interest earnings from accounts such as the Retirees Health Benefits Trust and city cash holdings. The Council's economic forecast also projects stronger tax collections than the mayor’s budget office. The mayor has proposed raising income taxes on residents earning more than $1 million or increasing the city’�s property tax rate to 9.5%. However, any property tax increase requires City Council approval.