May 12, 2026<\/p>\n
New York, NY \u2013\u00a0<\/b>New York City Comptroller Mark Levine issued the following statement on the Fiscal Year 2027 Executive Budget proposed today by Mayor Mamdani.\u00a0<\/p>\n
\u201cI commend Mayor Mamdani for putting forward an Executive Budget proposal that is significantly improved over the February plan. Most notably,\u00a0it replaces a\u00a0broad and inequitable property tax increase\u00a0with\u00a0a\u00a0targeted\u00a0pied-\u00e0-terre\u00a0surcharge,\u00a0and\u00a0avoids\u00a0raiding\u00a0the City\u2019s rainy-day reserves.\u00a0<\/p>\n
\u201cThis budget has improved in no small part because of\u00a0additional\u00a0assistance from the State, and I am grateful to Governor Hochul, Senate Majority Leader Stewart-Cousins,\u00a0Assembly\u00a0Speaker Heastie, and\u00a0members of\u00a0the Senate and Assembly for delivering that support.\u00a0I look forward to reviewing the full extent of the provisions of the enacted State budget.\u00a0<\/p>\n
\u201cStill, the Executive Budget relies on\u00a0$2.8\u00a0billion\u00a0in\u00a0one-time measures\u00a0and\u00a0$2.3\u00a0billion\u00a0in\u00a0short-term\u00a0pension savings,\u00a0without\u00a0solving\u00a0for\u00a0the fact that\u00a0City government\u00a0continues\u00a0to spend more than we take in, even in a year of record revenues.\u00a0The budget\u00a0also\u00a0relies on\u00a0the\u00a0implementation of strategies to\u00a0lower the\u00a0cost of rental\u00a0assistance\u00a0and special education,\u00a0which\u00a0will require\u00a0close and\u00a0transparent monitoring.\u00a0Taken together, these actions\u00a0delay\u00a0addressing\u00a0the\u00a0deeper\u00a0structural imbalances\u00a0in the City\u2019s\u00a0budget,\u00a0as\u00a0is\u00a0clear\u00a0from\u00a0out-year gaps\u00a0of $7.1\u00a0billion in\u00a0FY 2028\u00a0growing to\u00a0$9.8\u00a0billion\u00a0in FY 2030.\u00a0<\/p>\n
\u201cBetween now and June 30th, it is important that we strengthen this budget further by reducing reliance on one-time actions and adding to reserves to ensure the City is prepared against potential fiscal shocks. That is what I\u2019ll be fighting for in the weeks ahead.\u201d<\/p>\n
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