Mayor de Blasio in a budget presentation (photo: NYC Mayor's Office)

Reading the tea leaves and heeding calls to be more prepared for an inevitable recession, the de Blasio administration has formed a new unit in its budget office tasked with coordinating additional agency savings, a move expected to be more formally announced in conjunction with the coming November budget modification.

City tax revenue growth has slowed, but a recession is not yet here, and may not be imminent. Though alarm bells have been ringing of late, city tax revenue