Statement from New York City Comptroller on Fiscal Year 2024 Executive Budget

New York, NY– New York City Comptroller Brad Lander issued the following statement in response to Mayor Adams’ announcement of the Fiscal Year 2024 Executive Budget:

“The City of New York’s FY 2024 budget must thoughtfully balance funding the services New Yorkers rely on today with long-term financial stability. We do need to address significant out-year budget gaps, but we don’t need to close our public libraries on the weekends, as the Mayor acknowledged today.

“Unfortunately, without an adopted State budget from Albany, the City is operating in the dark when it comes to the impacts of proposed assistance and potential cost shifts, and today’s Executive Budget reflects that uncertainty.

“New York City’s economy is growing at a healthy pace as we settle into new patterns after the disruption of the pandemic to businesses, transit, and schools. Jobs have nearly returned to pre-pandemic levels and tax revenues have come in above projections, but the economic success we are seeing now remains uncertain and inequitable. With half of New Yorkers struggling with cost of living, addressing affordability must be a top priority.

“The City of New York is spending significant resources to provide shelter for asylum seekers, and the Mayor is right that we must continue to aggressively press Washington and Albany to provide their share of meeting what are federal and state obligations. But this budget fails to take steps within the City’s capacity to help both new arrivals and long-time shelter stayers move out of shelter into permanent housing – something that would help those families and control shelter costs. We estimate that more than 99% of spending on asylum-seekers is currently going to emergency shelter, and less than 1% towards services to help new arrivals file the paperwork that enable them to work legally and begin to contribute to the economic and cultural vibrancy of this city of immigrants. This is short-sighted.

“There are big challenges for the City in the coming years as federal emergency funding runs out and budget gaps grow significantly in FY 2026 and 2027. In the short term, our preliminary assessment is that budget gaps are manageable, but more sustained attention to achieving long-term savings is necessary. Rather than force agencies to make up savings with just a few days notice, the Administration would do better to work with agencies on long-term savings strategies over the four-year financial plan that will help keep costs in check without adverse impacts on services.

“In addition, new revenue sources will likely be needed to make the investments in housing affordability, childcare, mental healthcare, and community safety that the Mayor and Governor’s own task force last fall said are essential for the city’s long-term economic success – but that are not included in this budget. We can make smarter longer-term choices to support shared economic thriving through times of uncertainty.

“I look forward to reviewing the Executive Budget closely over the coming weeks and working with my partners in City government to ensure public funds are spent thoughtfully to secure a successful and sustainable future for every New Yorker.”

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