Progress Reports – Department of Economic Development (DED)

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  1. Spending Reduction Target
    • DED’s current-year savings target is $4.978 million, reflecting the Governor’s order for a 10.35 percent reduction in projected agency spending.
    • DED is currently expected to achieve its entire $4.978 million spending reduction target and all savings initiatives have been approved.
  2. Major Savings Initiatives
    • DED is implementing the following actions to achieve their savings target:
    • Maintain current workforce level of 195 of the 230 FTEs authorized to comply with hiring freeze ($2.3 million).
    • Reduce contractual service expenses related to the I Love NY Tourism Marketing Program ($1 million).
    • Reduce non-personal service expenses related to the Business Marketing Program ($1.25 million).
    • Across-the-board reduction of non-personal service expenses related to all programs ($428,000).
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