NYC Council estimates $3B more in revenue for upcoming fiscal year
The New York City Council says Mayor Eric Adams underestimated tax revenues for the current and upcoming fiscal years by more than $3 billion, as budget hearings get under way this week at City Hall.
The contrast in anticipated revenue comes on the heels of additional cuts to migrant-related spending by Adams, who in late February said that his administration would suspend an anticipated third round of cuts to city agencies due to better-than-expected revenues and an additional 10% spending cut on newly arrived migrants.
When asked where the Council might direct its spending in light of the surplus, Councilmember Justin Brannan, the finance committee chair, singled out education and libraries as potential focus areas. “The difference is driven mainly by stronger personal income, business, property, and sales taxes,” the report states, referring to the gap between the mayor’s tax revenue projections and the Council’s. .
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