Mayor Eric Adams unveiled a record-breaking $102.7 billion budget proposal Thursday that would increase planned city spending by nearly 1.6%.
City Hall also warned of a looming “perfect storm of slowing revenue and rising costs” that will“As our city continues its recovery, our administration continues to make investments in our core priorities — including public safety, affordable housing, and clean streets — while exercising strong fiscal management,” Adams said in statement issued ahead of a scheduled 2 p.m. speech on the spending plan.
The mayor’s fiscal 2024 budget includes a projected $1.7 in windfall revenues “driven by continued momentum from theThe budget doesn’t account for the migrant crisis that could cost the city over $1 billion.But the Big Apple’s bean counters expect that “continued slowing growth in the economy” — which many experts say couldthis year — “will lead to slowing growth in tax revenue over the financial plan,” the statement said.
As a result, officials project shortfalls of $3.2 billion in fiscal 2025, $5 billion in fiscal ’26 and $6.5 billion in fiscal ’27.
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