An Adams administration effort to cut spending across agencies has yielded a projected $2.5 billion in savings this fiscal year and next, according to budget documents published Tuesday.

The savings are necessary in part to address the costs associated with the tens of thousands of asylum seekers who have come to New York City in recent months and amid concerns of an economic downturn.

An Adams administration official on Tuesday estimated the cost of housing, schooling and other services for migrants will hit $1 billion this fiscal year.

The official said the city is drafting a letter to request reimbursement from the federal government.

This fiscal year’s budget is $104 billion and it remains balanced, according to the November financial plan, which is intended to assess the city’s fiscal health.

But, not all city agencies met the 3% budget cut that City Hall had set for them, the administration official said. The NYPD, the Sanitation Department and the Fire Department fell short, though they’re not subject to hiring freezes because they provide essential services.

The mayor’s budget update faced some criticism Tuesday.

City Council Speaker Adrienne Adams and Council Finance Committee chair Justin Brannan said the plan didn’t account for all revenue.

“As imbalanced cuts are exacted on agencies New Yorkers rely upon, this plan entirely ignores approximately $1 billion in additional tax revenue received by the City and identified by the Council,” they said in a statement, noting that the update did account for $1 billion in spending on migrants that should ultimately be reimbursed.

The independent Citizens Budget Commission called for still more savings, its president Andrew Rein saying, “While the City’s Program to Eliminate the Gap (PEG) has provided some ongoing budget relief, increased pension costs due to poor market returns last year swamp those savings and widen future budget gaps.”