New York City Comptroller Mark Levine issued the following statement on the handshake agreement between Mayor Mamdani and Speaker Menin to pass a $125.8 billion budget for Fiscal Year 2027.
“After the most challenging budget cycle in recent memory, the Mayor and City Council have agreed on a budget that preserves and strengthens essential services, and partially restores next year’s general reserve. The agreement also expands CityFHEPS while simultaneously establishing controls that aim to manage its growth and ensure that this vital tool for moving New Yorkers out of shelter remains sustainable and reliable for years to come. These are meaningful achievements that New Yorkers can and should celebrate.
“This budget also reveals the City’s ongoing structural imbalance between recurring spending and recurring revenue, and the enormous extent to which we rely on the strength of the financial sector to support growing spending. Even with billions of dollars in unexpected additional revenue, the City still needed State support and $6.1 billion in short-term and one-time measures to close the gap.
“This agreement gets the City through an exceptionally difficult year, but it does not resolve the structural challenges ahead. With large out-year gaps, limited reserves, and significant economic uncertainty, next year’s budget could be even more difficult. In the coming days and weeks, my team and I will continue to advocate for stronger rules governing our rainy day fund and will assess whether the controls being put in place for fast-growing programs are sufficient to ensure that the services New Yorkers count on remain strong and sustainable for years to come.”
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