Statement from NYC Comptroller Brad Lander on the FY25 Adopted Budget
New York, NY — In response to the budget agreement for New York City’s Fiscal Year 2025 budget announced by Mayor Eric Adams and Speaker Adrienne Adams, New York City Comptroller Brad Lander released the following statement:
“Because of broad public outcry and City Council leadership, today’s budget agreement restores critical funding to our public libraries and adds new funding for affordable housing. Unfortunately, this budget—and the process that Mayor Adams followed to advance it—still fails to provide the long-term fiscal responsibility, transparency, or enough investments in critical services like early childhood education and CUNY that New York City’s future demands.
“While the Administration made modest inroads in funding chronically underbudgeted items and maintaining stimulus-funded programs, the financial plan continues the longstanding tradition of underfunding known expenses, underestimating fiscal gaps, and clouding the City’s financial picture. Short-sighted cuts and selective restorations, without looking at longer term savings and efficiencies, do not provide the strong fiscal framework needed to allow this city and its inhabitants to thrive.
“We have consistently called for common-sense steps to modernize and reform the budget process: a formula for Rainy Day Fund deposits, target, size, and withdrawals; getting better control of claims against the City, which cost over $1 billion annually; an oversight process to determine whether PEG savings and efficiencies are actually realized or just for show; and paying our vendors on time. Unfortunately, this budget process makes no progress on them — and now the Mayor’s hastily-convened Charter Revision Commission has refused to consider them as well.
“While the Council secured some funding for early childhood programs, this agreement fails to fully fund universal 3K and PreK nor allot enough seats for every preschool child with disabilities who needs one. At a time when working parents must contend with the rising cost of housing and living, every parent should feel secure that their three and four-year-olds will be able to jumpstart their education. I was glad to see the inclusion of $25 million for PromiseNYC to expand childcare for some of our youngest and newest New Yorkers.
“This budget also fails to restore the Adams Administration’s cumulative cuts to CUNY—our greatest engine for upward social mobility for working-class young people. Half of our new nurses and a third of public-school teachers graduate from CUNY, which means underinvesting in our public colleges will shortchange our workforce—hindering us from securing our next generation of healthcare workers, educators, tech workers, public safety officers, and more.
“Housing affordability is the number one issue facing New York City’s working families, and the Council’s advocacy and public pressure resulted in a significant increase in capital funding for both NYCHA and for affordable and supportive housing development. The Progressive Caucus’ Homes Now campaign relaunched the defunct Neighborhood Pillars program, which saves at-risk rental housing and transfers it to community ownership and increased the funding for the Open Doors program to expand affordable multifamily homeownership. However, the Adams Administration’s refusal to fully fund the Council’s capital commitment asks is a huge mistake that will lead to the Administration falling short of its “moonshot” housing goals. In addition, we continue to have serious concerns about whether the Department of Housing Preservation and Development (HPD) can evaluate and underwrite deals to put this new funding to work in a timely fashion and urge that they implement the reforms we have recommended.
“Speaker Adams and Council leadership deserve credit for fighting hard to win restorations of funding for critical programs like Summer Rising, social workers in our schools, public libraries, and cultural institutions, which reflects the needs and priorities of New Yorkers. But let’s be clear: many of these cuts were never necessary in the first place. A budget dance of unnecessary cuts and last-minute restorations, with little focus on real long-term savings and priorities, fails to set New York City on firm fiscal footing nor prioritizes the most critical investments for our future.”
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