NEW YORK (S&P Global Ratings) June 20, 2019--New York City's mayor and council have reached an agreement on its fiscal 2020 budget, and we believe that the credit impact will likely be positive given that the budget includes fiscal discipline through an increase of reserves and implementation of savings under the citywide savings plan. The $92.8 billion budget is balanced and is 4.1% higher than the adopted fiscal 2019 budget, reflecting: Additional appropriations into the general reserve of $150 million amid maintenance of the capital stabilization at $250 million, for total reserves of $1.4 billion; Funding allocation to the Retiree Health Benefits Trust Fund of $100 million, increasing the fund amount to $4.57 billion; Incorporation of $300 million in new
