Statement by New York City Comptroller Brad Lander on FY 2023 City Budget Agreement

New York, NY — New York City Comptroller Brad Lander released a statement on the Fiscal Year 2023 budget for New York City:

“At this moment of recovery and economic uncertainty, it is critical that New York City have a budget that focuses on the basics, invests in an inclusive and thriving future, and prepares us for the economic road bumps that lie ahead. This budget takes some good steps forward, but of course much work remains. I look forward to reviewing all the details in the coming weeks.

“While our City has begun to see many encouraging signs of resurgence—from increased subway ridership to a rebounding tourism sector—there are also reasons for caution. We must be adequately prepared to protect essential services and the most vulnerable in an economic storm.

“The Mayor and the Council are depositing an additional $1.5 billion in the City’s long-term reserves (the Revenue Stabilization Fund and Retiree Health Benefits Trust), below the $1.8 billion we recommended, but still a substantial amount. Going forward, the City should adopt a set formula to guarantee annual deposits and establish rules for withdrawals to guard against devastating cuts in a potential recession, which could be on the horizon sooner than we would hope.

“This budget takes critical steps to put NYC back on strong footing, including investments in summer youth jobs, community violence prevention, and restoring pandemic cuts to sanitation services. In our survey and townhalls across the city, I’ve heard from New Yorkers concerned about the cleanliness of our streets, and this funding is an important piece of ensuring our city’s recovery gets the basics right.

“I applaud Speaker Adrianne Adams, Council Members Tiffany Caban and Shahana Hanif, and the Mayor for including the Care for All Families campaign. Setting aside $10 million to include undocumented children in our early childhood safety net is a victory for immigrant families who can more easily balance work and care, while their children benefit from early enrichment.

“On the other hand, with median asking rents spiking and affordable housing availability shrinking drastically, our housing crisis should be top priority. This budget fails to meet the needs of this urgent moment with the level of capital funding needed for affordable, supportive and public housing.

“I’m also opposed to the cuts DOE is making to individual school budgets at this moment. Our schools have endured the hardest two years and need every penny to provide the social, emotional, and academic supports that all our students deserve this summer and fall. Meanwhile, DOE has several billion dollars in unspent federal stimulus funding. Over the next year, we will need to address enrollment declines and should revisit the Fair Student Funding formulas. But we should not be forcing schools to implement sharp cuts to their budgets this summer.

“Budgets show us where our priorities lie. Together, we must continually orient our priorities toward building a stronger, more just, and inclusive recovery for all New Yorkers.”

###