The mayor’s budget office is underestimating projections and planned service cuts are not needed, the City Council said ahead of this week’s planned budget hearings.
The New York City Council said there’s another $3.3 billion in tax revenue coming in for fiscal years 2024 and 2025 and the mayor’s budget office is underestimating projections.
The new estimates released by the City Council on Sunday projects this would lead the city to have a budget surplus of $1.32 billion in FY24 and $3.53 billion in FY25, according to a news release.
“New York City’s economy has endured, and we now expect an estimated $3.3 billion more in revenue than the Mayor’s budget office for fiscal years 2024 and 2025, and even more in the outyears. This means we can and should be making some different budget decisions, protecting the priorities of New Yorkers,” said Speaker Adrienne Adams and Finance Chair Justin Brannan. “From 3K to CUNY, libraries, and our cultural sector, stronger than expected tax revenues allow us to restore the blunt cuts that weren’t necessary in the first place. Economic uncertainty, uneven employment growth, and a durable but slow burning recovery makes it critical to adequately prepare our city for potential challenges.
Budgetary issues have been contentious, as the mayor’s office has revised projections and budget cuts numerous times over the past several months, causing confusion.
Budget hearings start this week in City Hall.
