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Dear New Yorkers,
Today was the annual New York State Financial Control Board (FCB) meeting where I presented our office’s full analysis [[link removed]] of New York City’s FY 2025 Adopted Budget.
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Since 1975, at the height of the fiscal crisis, the FCB [[link removed]] convenes to review and provide oversight to the City’s budget. Every year, the Comptroller provides a comprehensive budget analysis at the FCB’s annual meeting. It’s a duty I take very seriously.
In the FY 2025 Adopted Budget, a modest increase to tax revenues will help fund City expenditures, including the reversal of some senseless spending cuts announced earlier in the fiscal year (like public libraries).
Here are three main takeaways from my analysis of New York City’s FY 2025 Adopted Budget, and what it really means for New Yorkers:
*
The
City’s
economy
faces
significant
challenges.
While
our
low
unemployment
rate,
rising
job
openings,
and
historically
high
labor
force
participation
rates
are
encouraging,
the
housing
affordability
crisis
is
a
huge
problem,
as
well
as
higher
inflation
and
consumer
debt
burden
and
delinquencies
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.


*
The
Adams
Administration’s
chronic
underbudgeting
muddies
financial
plan
projections.
My
report
estimates
a
manageable
gap
of
$1.59
billion
in
FY
2025,
but
much
larger
out-year
budget
gaps
of
$9.18
billion
next
year
and
even
greater
afterwards.
The
City
must
be
more
transparent,
strategic,
and
proactive
in
addressing
chronically
underbudgeted
costs.


*
The
City
must
adopt
a
stronger
fiscal
framework
.
The
Charter
Revision
Commission’s
failure
to
adopt
our
recommendations
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to
ensure
adequate
reserves
in
the
rainy-day
fund,
keep
debt
service
under
control,
find
efficiencies,
pay
the
City’s
contractors
on
time,
and
improve
capital
budgeting
was
a
missed
opportunity.
These
steps
can
still
be
implemented
by
local
law
and
policy,
and
I
urge
the
Mayor
and
City
Council
to
do
so.
Did you know that New York City’s operating budget is the largest municipal budget in the country by far, and is larger than the budgets of all but four U.S. states? With size and power like that, it’s critical that better planning and stronger management are delivered.
Read my full analysis on New York City’s FY 2025 Adopted Budget here [[link removed]] .
Thanks,
Brad
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Office of the New York City Comptroller
Our mailing address is:
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States
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