What happened to the worries about sliding revenue and other financial storm clouds?

The mayor and Mr. Johnson like to talk about all the “savings” that are in the budget. But they cut items here and there or point to the benefit of lower debt payments, they add far more than they remove, which is why the budget continues to defy gravity.

“The risks are still there,” Mr. de Blasio said Friday during a news conference with Mr. Johnson in the City Hall rotunda. “This is why we’ve added to reserves and why we’ve deepened our savings programs. The things that we are investing in either, in some cases, are sheer need, things we must address for a variety of reasons or things that we think are the kinds of investments that make sense for this city and are manageable and affordable.”

The mayor said the city had sufficient reserves so that “if there were an economic downturn, something we all have to be ready for, we have ways to immediately respond because of what we have in place.”

Mr. Johnson pointed out that spending growth was fed by increases in revenues, and added that personal income tax collections this year were higher than expected.

But Andrew Rein, the president of the Citizens Budget Commission, a nonpartisan fiscal monitor, said that while they were some “prudent actions” in the budget, the city’s strong economy and the increased revenue that derives from it represented a “missed opportunity.”

“What they should be doing with the additional revenues and a lot of this growth is putting it in reserves,” Mr. Rein said. The commission estimates that a recession would reduce revenues by as much as $20 billion over three years, a number that dwarfs the city’s reserves.

What didn’t get done?

Council members have been pushing for funds to address a serious pay parity issue involving early childhood education staff.