The New York City Council’s latest budget forecast estimates the city will take in $1.8 billion more in revenue than what Mayor Adams’ administration has projected over the next two fiscal years — an updated fiscal prediction Council leaders intend to use as leverage as the July 1 budget deadline approaches.
For months, Council economists have projected higher revenues than Mayor Adams’ team of bean counters. In March, they estimated the city would bring in $5.2 billion more in tax revenue than the mayor’s office expected at that time.
Since then, both the mayor’s Office of Management and Budget and the Council have rejiggered their budget estimates with rosier revenue projections based on the most recent data coming in — but Monday’s numbers from the Council are more optimistic than the mayor’s and show the Council continues to view the administration as lowballing its projections.
