Statement from Comptroller Mark Levine on Mayor Mamdani’s Preliminary Budget Proposal for Fiscal Year 2027

New York, NY – New York City Comptroller Mark Levine released a statement on Mayor Zohran Mamdani’s Preliminary Budget proposal for Fiscal Year 2027.

“Mayor Mamdani has proposed a budget that honestly and transparently lays out the scale of our challenges, notably ending the long-running practice of underbudgeting for known, fast-growing expenses. The picture that this honest accounting paints is stark.

“Our city is under the greatest fiscal strain since the Great Recession, despite a strong economy and record revenues from Wall Street. We are legally required to balance our budget, but it will not be easy. Even the measures proposed in the Mayor’s plan may not be enough, since they assume an aggressive revenue projection, a presumption that the CityFHEPS expansion is halted, and efficiency savings that have not yet been specified.

“To rely on a property tax increase and a significant draw-down of reserves to close our gap would have dire consequences. Our property tax system is profoundly unfair and inconsistent, and an across-the-board increase in this tax would be regressive. Drawing down reserves during a period of economic growth would leave us vulnerable to economic turbulence next year.

“We are left with no easy options. But to avoid the harm of increasing property taxes and drawing down reserves, we need to find greater efficiencies and savings across New York City government and reconfigure programs that are growing at an unsustainable rate. We also undoubtedly need greater assistance from Albany, to further rectify the years-long funding imbalance between the City and the State.

“My office will release a full, updated analysis of the revenue outlook and financial plan on March 11. Until then, I will keep working with the Mayor and partners at all levels of government to achieve a budget that builds a strong, sustainable fiscal foundation for the future of our city.”

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