I. Executive Summary

The New York City Adopted Budget for Fiscal Year (FY) 2027 relies on the continued strength of a Wall Street-powered economy but leaves unresolved a structural gap that the City will be forced to address in the years ahead.

In many ways New York City begins FY 2027 with a much more transparent budget than those adopted in recent years. Over the course of its first budget cycle, the Mamdani administration recognized billions in well-known costs that had been blatantly understated or omitted by the prior administration. Strong tax revenues in FY 2026—largely the result of better-than-expected stock market gains, rapid growth in Wall Street profits, and a robust bonus season—as well as the enactment of a new surcharge on non-primary residences (the “pied-a-terre tax”) which goes into effect this fiscal year, help to fund these now recognized costs.

The Adopted Budget for FY 2027 totals $125.84 billion, a $1.14 billion increase compared to the Executive Budget released in May. It addresses several important needs. These include the creation of a new rental assistance program that settles the longstanding litigation to expand CityFHEPS, an expansion of the Fair Fares program, and additional support for cultural institutions and the City University of New York. The FY 2027 Adopted Budget and June Financial Plan, however, fail to resolve the underlying fiscal challenge facing the City—that recurring spending continues to outpace recurring revenues.

Even with the higher-than-expected tax revenues and the new property surcharge, the Mamdani administration relied on $6.07 billion in temporary measures announced over the course of the budget cycle to close its projected budget gaps in FY 2026 and FY 2027. These one-time or short-term savings include the re-amortization of the unfunded accrued liability of four of the City’s five pension funds (including savings effectively captured from the City’s public hospital system and the Metropolitan Transportation Authority); favorable State actions, such as the passage of legislation to slow the implementation of the class-size reduction mandate and a one-time infusion of unrestricted State aid; as well as a historic write-down of prior-year accrued expenses in FY 2026, and, for the first time, a prospective write-down of prior-year expenses during FY 2027.

These measures replace other, more problematic solutions proposed by the Mamdani administration in the Preliminary Budget, and subsequently reversed in the Executive Budget, including a highly inequitable property tax increase and $1.21 billion in planned withdrawals from the City’s long-term reserves. While the administration reversed the drawdown of long-term reserves, a $1 billion reduction to in-year reserves announced in the Preliminary Budget remains. This leaves just $450 million in the budget this year for unexpected costs.

The growing imbalance between the City’s revenues and spending is clearly evidenced by the drop in the City’s prepayment of the upcoming year’s expenditures, falling from $3.79 billion in FY 2025 to $1.96 billion in FY 2026. Although the final FY 2026 prepayment is $896 million higher than the amount included in the Executive Budget, this is the fourth consecutive year of decline in the prepayment and the largest annual drop among the four.

The administration has made progress over the course of the year in taking a critical look at City spending. First, a citywide savings initiative announced as part of the Preliminary Budget and allocated in the subsequent Executive Budget resulted in budgeted savings of $1.77 billion over FY 2026 and FY 2027. Planned savings through this initiative in FY 2028 through FY 2030 average $1.09 billion, although an average of $131 million in each outyear remains unallocated to specific costs. The Executive Budget also added “cost containment” initiatives to reduce budgeted spending on CityFHEPS rental assistance, shelter costs, and special education Due Process cases. These initiatives, if successful, are projected to reduce costs by $668 million in FY 2027 and an average of $433 million in the outyears compared with previously planned amounts.

Following budget adoption, the administration announced, in late July, 2.5 percent annual savings targets for City agencies in FY 2027 through FY 2030. Savings programs are to be reflected in the Mayor’s November Financial Plan update. This Office preliminarily estimates such a reduction in City-funded spending could save approximately $1.50 billion annually with the actual impact dependent upon exemptions and if savings targets are applied to centralized costs. This is a critical and positive step in addressing the City’s fiscal imbalance, allowing agencies the time to find real efficiencies and recurring savings. However, the administration must also be clear about the success of all the savings initiatives announced thus far.

To build on the administration’s progress in improving budget transparency, the Mayor’s Office of Management and Budget (OMB) should resume regular joint reviews of savings initiatives with our Office and other fiscal monitors. These reviews, similar to those conducted in the past, should assess whether planned savings are achievable and on track, and identify initiatives that have failed to produce their budgeted savings.

The success of these savings initiatives is particularly crucial as the City is facing large outyear gaps. In each year of the financial plan period this Office forecasts higher City-funded revenues, but also higher City-funded expenditures than OMB. In FY 2027 and FY 2028, these higher expenditure projections more than offset higher revenue estimates, resulting in higher gaps than the administration: $743 million in FY 2027 and $7.25 billion in FY 2028. Conversely, in FY 2029 and FY 2030, this Office’s higher revenue estimates more than offset the higher expenditure projections, resulting in somewhat lower gap estimates than OMB’s: $7.87 billion and $6.84 billion, respectively.

These estimates, however, assume the success of several savings initiatives already announced that at present lack sufficient detail to be fully evaluated as achievable. If any of these actions are not realized as planned, gaps could increase. As previously mentioned, the Mamdani administration has still not provided any details on a portion of the citywide savings announced in the Preliminary Budget, including $179 million planned in FY 2028, $124 million in FY 2029, and $89 million in FY 2030. The administration has also provided only cursory descriptions of plans to achieve its cost-containment initiatives. Until detailed plans are released and/or there is evidence of savings, these initiatives pose risks to the financial plan. In total, risks from cost-containment initiatives and unallocated savings could increase this Office’s gap estimates by $668 million in FY 2027, $586 million in FY 2028, $559 million in FY 2029, and $547 million in FY 2030.

Although not included in this Office’s gap estimates, uncertainty around collectively bargained wage increases for municipal workers also presents a risk to the financial plan. Contracts for several major unions have already expired, including the Police Benevolent Association (PBA) and the Uniformed Firefighters Association (UFA). The contract for District Council 37, the City’s largest municipal labor union, expires in November. According to OMB, the labor reserve holds sufficient funds for 1.25 percent annual wage increases and any raises above this amount would require additional funding.

Other risks not incorporated into the Financial Plan or this Office’s re-estimates include broader uncertainty surrounding New York City’s economic outlook. The ongoing war in Iran has already led to a steep rise in oil and gas prices and could be a catalyst for a downturn in the near term. Another set of risks pertains to developments in Artificial Intelligence (AI). On one end of the spectrum is the risk that AI adoption replaces many jobs and causes widespread dislocation in the labor market. At the other end, is the risk that the AI boom ends, causing a downturn in the financial markets and losses in wealth and profits, along with layoffs in crucial high-wage industries—similar to the burst of the dot-com bubble in the early 2000s.

This uncertainty underscores the need for the City to adopt a clear rainy-day fund policy. The Comptroller’s Office has repeatedly advocated for such a policy, including proposing a City Charter amendment that would do so.

The Charter Revision Commission appointed by Mayor Mamdani has advanced a proposal that sets a target rainy-day fund balance of 12 percent of the prior years’ tax revenues. Funds to be included in the target include the Revenue Stabilization Fund (RSF), the City’s true rainy-day fund, and “any other reserve fund maintained by the city,” including but potentially not limited to the Retiree Health Benefit Trust (RHBT). The RHBT is not a true rainy-day fund, although it historically has been used as such. The RHBT balance of $5.2 billion at the end of FY 2025 is instead counted against the approximately $100 billion long-term liability from retiree health care benefits. The Commission’s proposal also sets a deadline for publishing a methodology to calculate deposits, and some weak rules for withdrawals that replicate those already set in State law. The methodology to determine a deposit formula and what reserves to count against the 12 percent target is to be developed in consultation with this Office. FY 2028 would be first year when the deposit formula is in effect.

The Commission’s proposal marks progress but contains several weaknesses, including the commingling of other to-be-determined reserves in its target; excessive discretion in the deposit formula due to the consideration of the current year’s prepayment of future year costs and “any other factors deemed relevant for the purpose of ensuring sound fiscal management”; and the lack of more stringent withdrawal rules.

As outlined in its recent report, Strengthening the City’s Rainy-Day Fund, this Office has proposed a formula for deposits and detailed rules for withdrawals. According to this formula, the City should have made a $1.73 billion deposit in FY 2026 based on this Office’s revenue forecast. Based on OMB’s forecast, the deposit should have been $1.41 billion. No deposit took place in FY 2026.

By more accurately reflecting City spending and introducing multiple savings programs, the Mamdani administration has made critical progress in creating a more honest and responsible budget. However, there is still considerable work to be done. Short-term measures and one-shots are not the solution to the City’s current fiscal imbalance—something that will take long-term and strategic planning to resolve. Well-funded reserves, with clear deposit and withdrawal rules, are an essential component of this work to ensure that vital City services can continue in an economic downturn—when New Yorkers need them most.

Table 1.  FY 2027 – FY 2030 June Financial Plan

Source: Mayor’s Office of Management and Budget

Note: Numbers may not add to totals due to rounding. The proposed property tax increase and the property tax portion of the tax programs are included in the General Property Tax line. The Debt Service line excludes TSASC Inc. debt service, which is paid with tobacco settlement revenues, as well as TFA Building Aid Revenue Bonds (BARBS) and a portion of TFA Future Tax Secured debt service, which are both paid using State Building Aid that is included in the City’s Miscellaneous budget spending (098).

Table 2.  Plan -to- Plan Changes, June 2026 Plan vs. May 2026 Plan

Source: Mayor’s Office of Management and Budget

Note: Numbers may not add to totals due to rounding.

Table 3.  Plan -to- Plan Changes, June 2026 Plan vs. Adopted 2025 Plan

Source: Mayor’s Office of Management and Budget

Note: Numbers may not add to totals due to rounding.

Table 4.  Comptroller’s Office’s Restated Gaps and Surpluses

Positive numbers decrease the gap and negative numbers increase the gap

Source: Office of the New York City Comptroller

Note: Numbers may not add to totals due to rounding.

II. Summary of Economic Conditions

The U.S. economy continued to expand modestly in the first two quarters of 2026, despite low consumer confidence and the constraining effects of the oil supply shock, a partial government shutdown, and ongoing restrictions on immigration and international trade. The job market has been mixed, with initial jobless claims remaining quite subdued but new hiring persistently sluggish—illustrative of the “low-hire, low-fire” economic narrative. The springtime surge in energy prices, driven by the war with Iran, has driven up inflation somewhat, though it has not broadened out significantly to other goods and services thus far. Financial markets have shown resilience in the face of elevated inflation and rising interest rates. Economic forecasters remain cautious about the near-term outlook, generally expecting a continuation of modest growth and elevated but steady inflation.

The Trump administration’s restrictive trade and immigration policies, along with budget cuts and immigration enforcement have likely constrained U.S. economic growth, which has been held up almost exclusively by the artificial intelligence (AI)-related investment boom.

The U.S. and NYC Economies

Due to rapidly evolving technology, as well as volatility in Federal fiscal policy and the geopolitical climate, there is more uncertainty than usual about the near-term outlook for the U.S. and NYC economies. The risk of a recession over the next 12 months is considered fairly low but the most likely catalysts would be a persistent energy (oil) supply shock and/or a collapse in AI investment. Because AI is energy intensive, the risks associated with each of these are not independent of one another.

New York City’s economy has, in many ways, shown more resilience than the nation’s as a whole. Trends in employment, commercial real estate, and consumer confidence, though far from stellar, have been somewhat more positive locally than nationally. Local job growth has been subdued over the past year but considerably above the nationwide pace. Moreover, throughout 2026 thus far, local labor force participation has surpassed the national rate for the first time on record (going back a half century). The city’s office market, which was hit particularly hard during the pandemic, has rebounded far more strongly than in other major cities, and new leasing activity has been brisk, driven partly by large AI firms looking to expand their footprint here.

NYC Employment Trends

Employment grew modestly over the first half of 2026. From mid-2025 to mid-2026, overall employment was up 1.4 percent in New York City, versus 0.2 percent for the U.S as a whole. Healthcare & Social Assistance has continued to be a primary contributor to overall job creation, both locally and nationally. But even excluding that sector, as well as Government, New York City’s job growth was 0.9 percent, again well above the U.S. growth of less than 0.1 percent, as shown in Chart 1 below.

Chart 1. Private Ex-Healthcare Jobs, U.S. & NYC, Indexed to Jan 2023

Sources: Mayor’s Office of Management & Budget; Bureau of Labor Statistics, Moody’s economy.com; Office of the New York City Comptroller

Yet not all industry sectors have seen job gains. Employment in Manufacturing, Transportation & Warehousing, Restaurants, and Employment Services declined from June 2025 to June 2026, and Retail Trade employment was virtually unchanged. However, most industries added jobs: Chart 2 below provides a profile of employment changes over the past year across various industry sectors, in both New York City and the nation as a whole. Each industry is represented by a “bubble”, the size of which is proportional to the number of people employed locally. Those industries above the horizontal axis added jobs in New York City, and those to the right of the vertical axis added jobs nationwide. As shown by the green “bubbles”, New York City’s key Finance, Professional & Business Services, and Information sectors—which also tend to lease office space and pay high salaries—have seen job gains in New York City. Nationwide, of these sectors, only Professional & Business Services, has added jobs … and only barely. As is also apparent in Chart 2, Health & Social Assistance has seen the strongest job growth, both locally and nationally. The modest growth in overall payroll employment in the first half of calendar 2026 is tracking somewhat short of this Office’s June forecast of a net gain of 64,000 jobs from Q4 2025 to Q4 2026.

Chart 2. Percent Change in Employment by Sector, June 2025-June 2026, US (X-axis) vs NYC (Y-axis)

Sources: NY State Department of Labor, US Bureau of Labor Statistics, Moody’s economy.com
Note: size of bubble is proportional to # of jobs in NYC; green bubbles represent NYC’s key (and office-using) sectors.

The household survey of labor force status, which is based on place of residence rather than place of work, suggests that New Yorkers have seen relatively favorable labor market conditions. While the city’s unemployment rate, at 5.3 percent in June, has been running about a point above the national average, both labor force participation and the employment-population ratio have been hovering at or near record highs throughout the first half of 2026. This is particularly striking given that, at the national level, both these metrics have trended down and are at multi-year lows. In fact, for the first time on record, NYC’s employment-population ratio, plotted in Chart 3 below, is above the nationwide average. Yet, as emphasized in a recent Spotlight and Newsletters, recent graduates have faced an increasingly challenging job market, as the “low-hire, low-fire” economy has been far more auspicious for experienced workers than for new entrants.

Chart 3. Employment-Population Ratio, NYC vs USA

Sources: NY State Department of Labor, U.S. Bureau of Labor Statistics, Moody’s economy.com

Looking ahead, initial weekly jobless claims—a fairly reliable leading indicator of near-term trends in employment—have remained reassuringly subdued, as shown in Chart 4. Recent brisk office leasing activity (discussed in a later section) also offers a hopeful sign for the job outlook—at least in the city’s key sectors—as businesses tend to secure space prior to hiring workers to fill that space. For other industry sectors, the job outlook will depend largely on the performance of the national economy overall.

Chart 4. Initial Jobless Claims, Percent Change from Year Earlier (based on 4-week moving average)

 Sources: NY State Department of Labor, U.S. Department of Labor

Wall Street revenues and profits remained strong in FY 2026

Wall Street firms (NY Stock Exchange member firms dealing with the public) posted profits of $21.1 billion in the first quarter of 2026, up 37 percent from a year earlier. If the earnings of big banks are any indication, second quarter profits are likely to have continued on the same trajectory.

Investment banking pretax earnings at the five big banks headquartered in New York City (Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, and Morgan Stanley) were $42.5 billion, growth of nearly 13 percent over the first quarter and 51 percent year over year. Pretax earnings in the first half of 2026 were roughly 36 percent higher than in 2025.

Equity trading was the standout, surging 71.2 percent year-over-year to $25.7 billion, while investment banking fees rose 45.9 percent to $12.7 billion on stronger M&A and underwriting activity. Fixed Income, Currency, and Commodities (FICC) revenues grew a more modest 12.5 percent.

Financial markets have shown volatility amidst recently renewed threats to the flow of crude oil through the Middle East and the Trump Administration’s efforts to renew expiring tariffs. While market performance results are always difficult to predict, the median expectation is for both equity market growth and financial sector profitability to cool off markedly.

Commercial real estate

New York City’s office market continued to strengthen over the past year, and the improvement has been more broad-based than in recent years. The city’s office market, which was devastated by COVID-19 and the sudden shift to remote work, began to recover meaningfully in 2024. Still, the backlog of vacant and unleased space was extensive, and rents remained depressed, well below pre-pandemic levels. However, this backlog has receded, due to growing demand for space, combined with a gradual reduction in supply, as less desirable office buildings get renovated or converted to residential.

Chart 5 shows office availability rates—a barometer of the degree of slack in the market—for selected cities’ CBDs (Central Business Districts) at mid-year compared with a year earlier and at the end of 2019, just before the pandemic. While the office availability rate for Manhattan (below 59^th Street) is still somewhat above its pre-pandemic level, it has come down over the past year and is considerably lower than in other central cities and also lower than the nationwide rate. Among top-tier (5-star) buildings within Manhattan, shown in the first set of bars, the availability rate is exceptionally low and well below its pre-COVID level. This is particularly striking, as the total supply of office space in this category has expanded substantially: Two Manhattan West (in Hudson Yards) adding nearly 2 million square feet (SF), One Madison Avenue (1.4 million SF) and 270 Park Avenue (2.5 million SF) are a few major examples. Yet even availability rates for lower-tier buildings, which account for a majority of the overall market, have come down, driven by a combination of a gradually declining supply and modestly increasing demand for more affordable space.

Chart 5.  Office Availability Rates for Major U.S. Cities’ CBDs & U.S.

Source: CoStar

Note: Manhattan 5 star is Manhattan CBD (south of 59^th Street). “Manhattan” data includes CBD for all property classes.

Placer.ai, which tracks office visits based on cell phone locations, estimates that average weekday office attendance came in at just 5 percent below comparable pre-pandemic levels in June, versus a nationwide shortfall of roughly 27 percent. This represents a strong rebound in NYC’s “return to office” metric. New York continues to outpace almost all of the other major cities tracked by Placer.ai in terms of the office attendance rebound.

Residential real estate

The housing market has been mixed. The rental market has been exceedingly tight, with low inventories and persistent escalation in market rents. StreetEasy estimates that market rents in June were up almost 6 percent from a year earlier, with a somewhat steeper gain of 7 percent in Manhattan and somewhat milder increases of about 4.5 percent in Brooklyn and Queens. Rents on stabilized units, which account for somewhat over 40 percent of the rental stock, increased by a maximum of 3 percent this past year but will be frozen on leases that renew from October 2026 to September 2027. A large and growing number of rent-stabilized apartments, estimated at around 57,000 citywide, were vacant in 2025[1][2].

The sales market has been essentially flat: StreetEasy data, based on repeat sales, show sales prices at mid-2026 up only marginally from a year earlier and still down marginally from pre-pandemic levels. By borough, trends in sales prices have been slightly more positive in Queens and slightly more negative in Manhattan.

Chart 6.  Indexes of NYC Home Prices & Rents, March 2020=100

Source: StreetEasy

The housing supply remains a major issue of concern. The city’s housing stock has not expanded rapidly enough, in recent decades, to keep up with demand, and the chronic shortage of housing has driven up market rents and made the city increasingly unaffordable. It has also evidently been a constraint on the city’s economic growth. In an encouraging sign, as illustrated in Chart 7 below, 2025 saw nearly 40,000 new housing units completed and another 6,000 added from net alterations (mostly commercial-to-residential conversions)—on both fronts, the most housing units created citywide in decades.^[3] Of those, an estimated 13,600 were affordable (i.e. non market-rate) units.^[4] Looking ahead, the pipeline for future construction also looks encouraging: developers filed applications for permits adding up to nearly 54,000 new housing units, an 11-year high; and preliminary data for 2026 indicate that nearly 17,000 new units were filed for in the first quarter alone.^[5] These statistics suggest that growth in the housing stock is, thus far, exceeding the City of Yes projection of adding 82,000 housing units over 15 years, though there is still a long way to go in resolving the city’s housing shortage.

Chart 7.  Housing Units Filed & Units Completed, Including Net Alterations

Source: NYC Department of City Planning (DCP)

Tourism has shown resilience but has fallen short of projections

Tourism in New York City was little changed in calendar 2025, according to NYC Tourism & Conventions, with an estimated 65.0 million visitations—up less than 1 percent from 64.5 million in 2024. A 1.6 percent increase in domestic visitors was largely offset by a 3.1 percent dip in visitations from abroad, largely driven by a steep (19 percent) drop in visitors from Canada. International visitations were expected to turn up this year, led by a moderate rebound in Canadian visitors. The number of domestic visitations is expected to continue its upward trend, rising by nearly 2 percent and finally surpassing its 2019 (pre-pandemic) level.

However, there are indications that tourism, especially from abroad, may have fallen short of expectations. As shown in Chart 8 below, year-to-date, both hotel occupancy and Broadway theatre attendance have been running slightly below 2025 levels. The drop in visitors from overseas, however, has been considerably steeper, though it may be somewhat overstated. While these data count arrivals of international visitors into NYC airports as points of entry, New York City may not be their ultimate or primary destination; conversely, visitors may come into the U.S. at other points of entry and wind up in New York City. Also, much of the weakness year-to-date occurred in April, when TSA was understaffed and overworked. Still, in June alone, the number of foreign visitors entering through NYC-area airports was still down 5 percent from a year earlier, despite eight World Cup matches at MetLife stadium starting on June 13^th. Anecdotally, many hotels, both in New York City and elsewhere across North America, were counting on a boost in occupancy that never really materialized as of mid-2026. On a more hopeful note, NYC hotels did register an incipient pickup in both occupancy and daily room rates in the second half of July, likely buoyed by the World Cup final match.

Chart 8.  Tourism Indicators, Percent Change, YTD 2025 vs. YTD 2026

Sources: Costar; Broadway League; International Trade Administration; Office of the New York City Comptroller
*Foreign visitors from overseas (i.e. excluding Canada & Mexico) entering the U.S. at NYC-area airports or ports.

Local Inflation Remains Elevated Raising Long-Term Rates

Inflation across the New York City metro area has receded somewhat since our June report, but it remains elevated and above the nationwide average. The CPI (Consumer Price Index) did decline modestly in June, both locally and nationally, thanks to a dip in energy prices, driven mainly by a pullback in gasoline prices. However, on a 12-month basis, CPI is still up 3.5 percent nationwide and up 4.1 percent locally—far less than in May but still high. Despite the monthly dip, energy prices are still up roughly 16 percent over the past 12 months, both locally and nationally, led by gasoline prices. More important, as of this writing, oil prices have rebounded sharply in the commodity spot and futures markets, making it likely that both national and local inflation will re-accelerate during the summer. Meanwhile, escalating rents are also nudging up inflation locally, and more so than nationally. As of late July, yields on 10- and 30-year Treasuries, which largely determine mortgage rates, were approaching 20-year highs.

Risks to the NYC Economy

Downside risks to the local economy essentially stem from risks to the U.S. economy. Historically, most U.S. recessions have been preceded by a supply shock—more often than not, involving oil supply and prices. Thus, the ongoing war with Iran, which has already led to a steep rise in oil and gasoline prices, appears to be the most likely catalyst for a downturn. In such a case, New York City would clearly be affected, though to a lesser extent than the nation as a whole for a number of reasons. First, because local residents tend to drive considerably less, they spend much less on gasoline than the typical American. Second, because the typical New York City home has a relatively small footprint, it is less costly to heat and cool than homes across most of the nation. Third, because per capita income tends to be relatively high in New York City, energy costs—for gasoline, heating oil, and electricity—generally account for a smaller share of the typical household budget. However, with long-term interest rates already approaching multi-year highs, New York City’s economy could be quite vulnerable to corresponding downturns in the credit and equity markets.

Another set of risks pertains to the evolution of AI (artificial intelligence). Earlier this year, this Office published a report looking at the economic outlook under an array of scenarios involving the evolution of AI and its impact on the economy and workforce. In the most optimistic scenario, AI adoption proceeds at a fairly brisk pace, spurring both productivity and economic growth, making workers more productive rather than replacing workers. Other scenarios do not bode all that well for the city (or the nation) but are not disastrous: one scenario sees widespread adoption, but displacing more than complementing existing workers, while another sees a slowing in adoption and a steep pullback in AI investment, which has been the prime pillar of economic growth lately. A more bleak but less likely scenario involves a more severe labor market disruption concentrated in high-paying white-collar jobs which subsequently drives losses in consumption and slower GDP growth.

Beyond those, there are ongoing economic risks from Federal restrictions on trade and immigration, as well as various budget cuts and contractionary fiscal policies—all of which have been described in more detail in this Office’s prior reports.

III. FY 2027 Adopted Budget and June Financial Plan for FY 2026-FY 2030

Overview of the FY 2027 Adopted Budget

The Adopted Budget for FY 2027 totals $125.84 billion. Just over a quarter of the total budget ($34.11 billion or 27.1 percent) is allocated for education spending, which includes funding the Department of Education (DOE) and the City University of New York (CUNY), followed by $23.37 billion for the City’s social service agencies (18.6 percent).[6] Other agency spending comprises $35.03 billion (27.8 percent of the budget). Spending on fringe benefits and pensions for City employees and retirees account for another $24.36 billion (19.4 percent of the budget). Debt service costs to pay for the City’s capital program account for $7.37 billion (5.9 percent). Budgeted payments for judgments and claims comprise $1.15 billion (0.9 percent).

The Adopted Budget also includes a general reserve of $450 million, which accounts for 0.4 percent of the budget. This “in-year” reserve for unforeseen contingencies is typically spent down as the fiscal year progresses. In the Preliminary Budget released in February, the administration lowered the FY 2027 General Reserve from $1.2 billion to its statutory minimum of $100 million. The FY 2027 Capital Stabilization Reserve (another in-year reserve) budgeted for $250 million was eliminated. After the $350 million partial restoration of the General Reserve, FY 2027 in-year reserves stand $1.0 billion below the $1.45 billion amount typically available at the start of the fiscal year.

Chart 9 shows the allocation of the FY 2027 budget by service areas and centrally budgeted expenditures, such as fringe benefits, debt service, and pension contributions.

Chart 9.  FY 2027 Adopted Budget by Service Area & Centrally Budgeted Expenditures

Source: Mayor’s Office of Management and Budget, Office of the New York City Comptroller

Note: *Denotes centrally budgeted expenditures. Spending on Department of Education and City University of New York fringe benefits, which are reflected within each agencies’ respective budgets, have been included in the fringe benefits category.

Most spending (76.0 percent) is supported by City-funded revenues. Tax revenues, which the Mayor’s Office of Management and Budget (OMB) forecasts to total $88.67 billion, account for the bulk of City-generated revenues, as shown in Chart 10. Real property taxes and personal income taxes account for nearly two-thirds of projected tax revenues, with the property tax totaling $37.30 billion[7] (42.1 percent of tax revenues), followed by $20.76 billion in Personal Income Tax (PIT) and Pass Through Entity Tax or PTET (23.4 percent of revenues).[8] Non-tax City revenues—including interest income, charges for services, and revenues from licenses, permits, and franchises, as well as unrestricted governmental aid—are projected to comprise 5.6 percent ($7.02 billion) of total FY 2027 revenues (net intracity transfers). The Comptroller’s Office provides its own—slightly higher—estimates of FY 2027 City-funded revenues in the Comptroller’s Office’s Restated Gaps and Surpluses section of this report.

State categorical grants are forecast to be $20.81 billion, or 16.5 percent of total FY 2027 projected revenues. Federal grants account for another $7.37 billion, or 5.9 percent, of FY 2027 projected revenues. Other categorical (OC) grants and inter-fund agreement (IFA) revenues comprise the remaining City revenues (about 1 percent each). IFA revenues are reimbursements from the Capital Projects Fund to the General Fund for costs related to the execution of capital projects. Chart 11 shows the funding allocation among the different service areas of the budget.

Chart 10. Funding Sources, FY 2027 Adopted Budget, in Millions

Source: Mayor’s Office of Management and Budget, Office of the New York City Comptroller

Chart 11.  Funding Allocation by Service Area and Centrally Budgeted Expenditures for FY 2027

Source: Mayor’s Office of Management and Budget, Office of the New York City Comptroller

Changes from the FY 2027 Executive Budget and May Financial Plan

The $125.84 billion FY 2027 Adopted Budget is a $1.14 billion increase over the Executive Budget released in May. City-funded revenue estimates increased by $807 million. OMB raised its tax forecast by $300 million. In addition, OMB moved $490 million in unrestricted State aid previously planned for FY 2026 into FY 2027. These unrestricted funds are also counted as City-funded revenue. Projections of other non-tax City-funded revenues increased by $17 million. The higher tax revenue forecast is primarily due to higher projected business income taxes (a $300 million increase, baselined).

State categorical aid increased by $229 million, largely driven by a $117 million increase in State building aid and $68 million added for the State’s Rental Supplement Program. Budgeted Federal aid increased by $93 million compared to the Executive Budget.

In the June Financial Plan, released with the FY 2027 Adopted Budget, OMB increased its FY 2026 revenue projections by $707 million compared to the May Plan. The largest increase was to tax revenues ($1.18 billion), with most of the difference due to higher business income tax revenues ($861 million), followed by a $291 million increase in PIT/PTET. Non-tax City-funded revenues increased by $142 million, while unrestricted State aid decreased by $500 million due to the aforementioned roll of funds into FY 2027. Estimates of State Categorical grants declined by $133 million and Federal Categorical grants declined by $37 million. The increase in City-funded revenues in FY 2026, along with some expense savings, allowed the City to increase its prepayment of FY 2026 debt service by $896 million, freeing up FY 2027 resources for other expenditures.

As to expenditures, City-funded spending for FY 2027 reflects an increase of $1.70 billion compared with the Executive Budget, as shown in Table 5 and as described in more detail in the following sections. Revisions to agency expenditures for FY 2027 total $1.41 billion. City Council Initiatives account for another $706 million of the increase, along with a $60 million increase in pension costs, and a $350 million addition to the general reserve. These additions are partially offset by a reduction in fringe benefit costs ($360 million), a reduction of funds in the City’s labor reserve ($260 million), as well as savings on projected debt service ($207 million).

Changes to FY 2027 City-Funded Agency Expenditures

The largest additions to City-funded agency expenditures in the Adopted Budget for FY 2027 compared to the Executive Budget are to the DOE, where City-funded expenditures increased by $606 million. (Unless mentioned, all totals in this section exclude City Council Initiatives, which are described in more detail in the following section.) The additional funding includes: $383 million in “hold harmless” funding for schools that would otherwise see budget cuts because of projected reduced enrollment in FY 2027 (see insert for details); $133 million for custodial costs (baselined at $135 million in the outyears); $18 million for Individual Education Services Plan support (baselined); and $18 million for costs relating to L.V. litigation orders[9] (baselined at $19 million in the outyears). In addition, the DOE’s City-funded costs increased due to swapping costs previously planned to be paid for with State funding to City funding. These include Summer Rising ($26 million), teacher recruitment ($17 million), NYC Reads and Solves ($17 million), and Every Child and Family is Known ($4 million). Conversely, $10 million of annual funding for class size previously projected to be paid with City funds will now be paid with State funding. All the funding swaps are baselined. OMB also added $122 million in State education funding beginning in FY 2027 (baselined through FY 2030) to help fund the City’s class size reduction mandate. This brings the total funding added during the Mamdani administration to implement the mandate to $914 million in FY 2030, the first year of full implementation in the revised timeline signed into law in June of this year. Based on the  most the recent DOE Class Size Report and the School Construction Authority’s enrollment projections, this Office estimates the amount currently budgeted to implement the class size mandate to be sufficient at this time.

Table 5.  Changes to City-Funded Estimates from the May 2026 Plan

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

Following the DOE, City-funded expenditures at the Department of Social Services (DSS) increased by $201 million in the Adopted Budget. This includes $63 million added for immigrant legal services (for FY 2027 only). The Council also added $75 million for these services for a total of $138 million. The Adopted Budget included $54 million for an expansion of the Fair Fares program (with the addition baselined) administered by DSS. The expansion increases eligible households from those making 150 percent of the Federal Poverty Level to 200 percent—for a single person the eligibility cut off will go from $23,000 to $32,000. In addition, $39 million was added for services for people living with HIV/AIDS (baselined), and $8.6 million in FY 2027 ($6.6 million in the out-years) for a new CityFHEPS Career and Education Bridge program that is intended to assist households receiving rental assistance through the program with the goal of increasing household incomes.

City-funded spending at the Department of Housing Preservation and Development (HPD) increased by $197 million in FY 2027. This is largely due to the addition of $175 million in funding for the new City Housing Assistance Program (CHAP). The program was created through City Council legislation passed along with the Adopted Budget. The legislation settles litigation between the Adams and, subsequently, Mamdani administrations and plaintiffs, joined by the City Council, over the implementation of a package of laws passed by the City Council in 2023 that would have expanded the existing CityFHEPS program. For the most part, these laws were never implemented.[10] As described in more detail in the section below, CHAP is separate from CityFHEPS and is intended to provide rental assistance to some, but not all, of the population targeted by the original package of legislation. The new program will have a capped number of vouchers based on its appropriation in the budget. For FY 2027, $175 million has been budgeted, with $125 million budgeted annually from FY 2028 through FY 2030.

Other notable additional expenditures funded by the City only in FY 2027 include $53 million for NYC Kids Rise to provide $1,000 college savings accounts for every public school kindergartner, $30 million for the Returnable Grant Fund to provide interest-free bridge loans through the Fund for New York City to non-profits that have contracts with the City, $21 million to fund various programs at CUNY, and $20 million to support cultural institutions in the community (an additional $10 million was baselined beginning in FY 2027 for a Cultural Stability Fund to assist cultural institutions facing emergencies or financial difficulties).

In addition to the agency expenditures, as previously mentioned, the administration increased the amount budgeted to the general reserve in FY 2027 by $350 million.

City Council Initiatives

The Adopted Budget includes $706 million in new City-funding through City Council Initiatives. Through discretionary funding the Council supports non-profit organizations to meet a variety of local needs. Of the funds added (all for FY 2027 only), $206 million flows through the Department of Youth and Community Development’s (DYCD) budget, followed by $113 million through DSS, $86 million through the Department of Health and Mental Hygiene (DOHMH), $54 million through the Department of Cultural Affairs (DCLA), $45 million through the Department for the Aging (DFTA), and $44 million for CUNY programs, with the remainder split among other agencies.

Fringe Benefit Re-estimate

Centrally budgeted City-funding for fringe benefits for City employees was reduced by $360 million in FY 2027, with similar reductions in the outyears.[15] For FY 2027, the reduction encompasses lower than previously budgeted amounts for health insurance ($105 million reduction), FICA costs ($134 million reduction), and supplemental welfare benefits ($120 million reduction). According to OMB, the reductions result from aligning the fringe budget with expected headcount amounts.

Certain fringe costs, including FICA and supplemental welfare benefits have been overbudgeted in the financial plan as this Office reported in its Comments on the FY 2027 Executive Budget. However, those funds, along with overbudgeting for full-time staff, can be required to fill gaps in other personnel service costs, such as differential and bonus payments, and unsalaried costs, as described in more detail in the Assessment of the PS Budget Misalignment in the FY 2027 Adopted Budget section.

Labor Reserve

The administration reduced funding held in the City’s labor reserve for FY 2027 by $260 million in the Adopted Budget, for a total of $343 million now budgeted. The re-estimate is due to lower than budgeted headcount and fewer than anticipated prevailing wage settlements, according to OMB. The administration baselined the $260 million reduction in the outyears. The labor reserve totals $1.52 billion in FY 2028, $2.14 billion in FY 2029, and $2.92 billion in FY 2030, respectively.

The funding held in the labor reserve is usually estimated based on headcount levels at a certain date. For example, funding estimated for the 2021-2026 collective bargaining round was based on headcount data as of December 31, 2020. After an agreement is negotiated and ratified, the City then transfers funding to the agencies impacted based on the terms of the contract and current actual headcount. Funds previously reserved may be lower or higher than the actual cost of the contract. For example, since June 2024 OMB has reduced the balances in the labor reserve by $740 million for FY 2026 and by $760 million for FY 2027, including the re-estimate in the June Plan noted above, mainly due to lower headcount and fewer than anticipated prevailing wage settlements. In addition, OMB estimated that $1.21 billion in a prior-year labor costs accrued to FY 2023 will be written down by the close of FY 2026 (see the Comments on the FY 2027 Executive Budget for more details).

Contracts for three unions representing the City workforce have already expired, as shown in Table 8, including the Police Benevolent Association (PBA) and the Uniformed Firefighters Association (UFA), which expired on July 31, 2025. On June 15, the PBA filed a “declaration of impasse” request with the state’s Public Employment Relations Board (PERB) that stated that the City had refused to present an offer for salary increases for officers represented by the union. On July 15, the PBA reported that PERB had approved its request for an impasse. As a result, two mediators from PERB will facilitate the negotiations.[16]

The contract for District Council 37, the City’s largest municipal labor union, expires in November 2026 (FY 2027). According to OMB, the labor reserve holds funds for 1.25 percent annual increases. The Comptroller’s Office estimates that it would cost between $550 million to $600 million in City funds for a 1 percent increase when fully phased in for all municipal employees.

Table 8.  Major Unions Contract Expiration Dates

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

Pension Changes

Pension projections in the June Plan were revised downward to reflect estimated FY 2026 asset gains of 12 percent and to account for lower costs resulting from the final valuation update for FY 2026.^[17] To this Office’s knowledge, this is the first time that the financial plan incorporates an estimate of pension returns before obtaining final numbers from the City’s Actuary. Offsetting the reductions for FY 2028 through FY 2030 were additional costs associated with pension reforms and benefit enhancements recently enacted in the FY 2027 State Budget, such as reducing TIER 6 employee contributions rates for certain New York City Employees Retirement System (NYCERS) and Board of Education Retirement System (BERS) members and lowering the retirement age for Teacher Retirement System (TRS) members with 30 years of service from 63 to 58 years. The City had previously included $110 million beginning in FY 2027 in the May Plan for these changes. (See this Office’s Comments on New York City’s Executive Budget for more details and discussion on the reforms and benefit enhancements).

As shown in Table 9, the net impact of these changes resulted in a reduction of $29 million in FY 2026, an increase of $60 million in FY 2027, and reductions of $231 million in FY 2028, $557 million in FY 2029 and $860 million in FY 2030.

Table 9.  FY 2026 – FY 2030 City Pension Contributions

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

Note: Numbers may not add due to rounding. Totals are net Intra-City adjustments.

The pension investment earnings for FY 2026 will impact pension contributions beginning in FY 2028. The pension projections included in the financial plan originally assumed an Actuarial Interest Rate (AIR) of 7 percent, 5 percent lower than currently assumed in the June Plan.[18] Audited figures indicate that pension investments have earned 13.0 percent for the fiscal year. The Comptroller’s Office estimates that this will result in savings above what was included in the financial plan of approximately $65 million in FY 2028 growing to $329 million by FY 2030.

Debt Service Changes

Projected debt service costs, adjusted for the debt service prepayment, decreased by $207 million in FY 2027, $123 million in FY 2028, and $53 million in FY 2029 and FY 2030 in the Adopted Budget. These changes are driven by revisions to Transitional Finance Authority (TFA) debt service projections. TFA’s debt service is forecast to decrease by $288 million in FY 2027, $137 million in FY 2028, and $78 million in FY 2029 and FY 2030. Due to changes in total State Building Aid revenue the City anticipates receiving, the City is forecast to retain $18 million less in state building aid to pay TFA debt service and $117 million and $62 million more in FY 2027 and FY 2028 respectively. Greater state building aid retained for TFA debt service results in fewer City funds required to service TFA debt. Projected TFA debt service is further reduced by a $500 million decrease in expected TFA borrowing in FY 2027.

Changes to Authorized Headcount

Full-time authorized headcount for FY 2027 totals 307,199 in the Adopted Budget with the number of authorized positions increasing slightly (0.1 percent) to 307,599 by FY 2030. Compared to the Executive Budget, the authorized full-time headcount in the Adopted Plan increased by a net 28 positions for FY 2027, but there were major swings by employee group.

The Adopted Budget removed 395 uniformed positions in NYPD. This was offset by a net increase of 414 civilian positions citywide, primarily at the Department of Parks and Recreation (117 positions) for Park Enforcement Patrol (PEP) officers and other adjustments, at the District Attorney Offices (77 positions), and at DSS to staff a variety of initiatives including the administration of NYC Benefits, gun-based violence prevention, CityFHEPS Career and Education Bridge program, and Fair Fares (66 positions). There was no additional authorized pedagogical headcount added, despite additional PS funding added for hold harmless. The City’s full-time workforce stood at 292,858 as of June 2026, resulting in a vacancy rate of 4.2 percent when compared against the 305,618 FY 2026 authorized level included in the June Plan. In May, the Mamdani administration lifted the 2-for-1 hiring freeze put in place by the Adams administration. Since then, the City’s full-time workforce has increased by a net 1,141 employees. For additional information on the City ‘s authorized headcount compared to its salary and wage budget see the section below.

Chart 13.  Full-Time Headcount, Actual vs Plan, FY 2012 — FY 2027

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

Note: Plan values are assigned to specific months—July through October are assigned the Adopted Plan value, November and December are the November Plan value, January through March are the Preliminary Plan value, April through May are the Executive Plan value, and June is the final June Plan value. Data on actual full-time employment are preliminary for April through June of FY 2026; they are derived from initial payroll results and have not yet been published by OMB.

FY 2027 Adopted Budget Compared with FY 2026 Final Budget

As shown in Table 12, total revenues in the FY 2027 Adopted Budget are $741 million (0.6 percent) more than the final modified budget for FY 2026 released in the June Plan. (Final FY 2026 actual revenues and expenditures will be available in October when this Office publishes the City’s financial statements.) The growth is largely due to higher forecasted tax revenues (+$3.08 billion or 3.6 percent growth), partially offset by lower budgeted Federal revenues (-$2.49 billion or 25.2 percent decline). While reductions in Federal aid are possible given actions by the Trump Administration and Congress, the City typically does not fully recognize grant revenue in the budget at the onset of the fiscal year, which accounts for much of the year-over-year decline currently reflected in the budget.

The growth in OMB’s forecasted tax revenues compared to the last fiscal year is largely driven by higher forecasted property tax receipts, the introduction of the new surcharge on non-primary residences, greater sales tax revenues, and higher projected business income taxes receipts. OMB forecasts property tax revenue will grow by $1.81 billion (5.1 percent), sales tax revenues by $487 million (4.4 percent), and business income taxes revenue by $417 million (3.8 percent). The new surcharge on non-primary residences is projected to result in $500 million in revenues in FY 2027, its first year of implementation

Table 12.  FY 2027 Adopted Revenues Compared with FY 2026 Final Budget

Source: Office of the New York City Comptroller

Note: Totals may not add due to rounding.

Expenditures in FY 2026 and FY 2027—as presented in the June Plan—reflect the impact of prepayments, which shift spending between fiscal years; spending in both years is also reduced by re-estimates of prior-year payables, which lowers current-year expenses based on revisions of spending accrued to past years.

The prepayment of FY 2027 expenses in FY 2026 totals $1.96 billion. This is less than last year’s prepayment of $3.79 billion, however. By this measure the City is projecting that expenditures for FY 2026 will exceed revenues by approximately $1.83 billion. The $1.96 billion FY 2026 surplus used to prepay FY 2027 expenses is largely attributable to $1.71 billion in budgeted write-downs of prior-year accrued expense. Of the $1.71 billion, $1.21 billion is from an FY 2023 accrual to the labor reserve that was intended to pay for then-current and previous collective bargaining rounds. The remaining $500 million remains to be identified.

As shown in Table 13, after netting out the impact of prepayments and prior year payables, as well as budgeted reserves, total expenditures for FY 2027 are budgeted to total $127.75 billion, a decrease of $887 million or 0.7 percent compared with the similarly adjusted FY 2026 total expenditures. This decline is due to a $2.47 billion budgeted reduction in other than personnel services (OTPS spending), offset by a $561 million increase in personnel services (PS) spending, and a $1.02 billion or 12.2 percent increase in debt service costs. As previously described, Federal grant funding is added during the fiscal year and will likely increase funds budgeted for FY 2027 OTPS costs as the fiscal year progresses.

The decline in OTPS costs includes a $966 million drop-off in child care voucher spending, although this Office estimate an additional $1.20 billion in Federal and State funding will be added during the fiscal year for these costs. It also includes a nearly $300 million decline in OTPS costs for budgeted services to asylum seekers, and a $148 million decline in funds budgeted for non-asylum seeker shelter service OTPS costs, the latter decline reflects the City cost containment plan for DHS costs. (See the Cost Containment Measures Pose Potential Risks to Financial Plan section for more details). Spending on due process cases is also projected to decline compared to FY 2026, by $148 million as part of the administration’s cost containment. (See the section for more details.)

PS costs are budgeted to increase by $561 million (0.9 percent). This reflects growth in salaries and wages and health insurance, partially offset by a $1.00 billion (10.3 percent) decline in pension costs and a $181 million decline in funds budgeted for other fringe benefit costs.

The year-over-year decline in pension costs is largely due to the re-amortization of the pension unfunded accrued liability (UAL) included in the Enacted State FY 2027 budget and approved by four of the five City’s pension funds. These include the New York City Employee Retirement System (NYCERS), the Teachers Retirement System of The City of New York (TRS), New York City Fire Pension Fund (FIRE), and Board of Education Retirement System (BERS). The New York City Police Pension Fund did not approve the change. Under the restructuring, the pension funds were not required to contribute the June 2026 payment of the FY 2026 amortization schedule. The FY 2026 payment was further reduced by the other components of the June pension contributions being unpaid (normal cost, administrative expenses, and others). The remaining UAL is amortized over 11 level annual payments from FY 2027 to FY 2037, with lower payments than previously projected through FY 2032 and higher payments from FY 2033 to FY 2037. See this Office’s Comments on the FY 2027 Executive Budget for more details.

The year-over-year reduction in budgeted other fringe benefit costs is largely the result of declines in budgeted spending for FICA and supplemental welfare benefits. As described in the Assessment of the PS Budget Misalignment in the FY 2027 Adopted Budget section, these are two areas that are over-budgeted and this Office estimates FY 2026 spending will close the year $300 million below budget. However, this Office also estimates that funds will be required for other areas of the salaries and wages budget for a net-neutral impact for FY 2026.

Actual health insurance costs in FY 2026 are also likely to come in below budgeted amounts. As of January 1, 2026, the City replaced the Group Health Incorporated Comprehensive Benefit Plan (GHI-CBP) with the new, fully self-funded New York City Employees PPO or NYCE PPO plan. The City continues to offer its other premium-free plan, the Health Insurance Plan of Greater New York HMO Preferred (HIP-HMO). The NYCE PPO plan was projected to result in budgetary savings of $411 million in FY 2026 compared to the HIP rate, which was reflected in the February Plan. However, spending as of mid-August, but before all final adjustments have been, is about $645 million lower than what was included in the June Plan, just under a quarter of which is attributed to the DOE. Given that FY 2026 represents just the first six months of the implementation of the new health insurance plan, it is unclear whether the underspending may be due to implementation timing and if OMB will set up an accrual for outstanding claims.

Table 13.  FY 2027 Expenditures vs. FY 2026 Expenditures Adjusted for Prepayments

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

The Outyears

While the FY 2027 budget is, as required by law, balanced, the June 2026 Plan presents budget gaps of $6.44 billion in FY 2028, $8.21 billion in FY 2029, and $8.52 billion in FY 2030. Gaps as projected by OMB have decreased since the May Financial Plan: by $633 million in FY 2028, $870 million in FY 2029, and $1.24 billion in FY 2030, principally by baselining a reduction in the labor reserve, fringe costs, and by anticipating the impact of the FY 2026 returns on the pension funds’ portfolios.

Total revenues are projected to grow at an average annual rate of 1.2 percent from $125.84 billion in FY 2027 to $130.53 billion in FY 2030. Tax revenues are projected by OMB to grow at an average annual rate of 1.8 percent. State categorical aid is budgeted to fall slightly over the plan period at an average annual rate of 0.1 percent from $20.81 billion in FY 2027 to $20.72 billion in FY 2030, while Federal categorical aid is budgeted to decline from $7.37 billion to $7.10 billion (an average annual decrease of 1.3 percent).

Table 14.  FY 2027-FY 2030 Revenue Growth

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

Expenditures, as budgeted, are projected to grow at an annual average rate of 3.4 percent from FY 2027 through FY 2030 to $139.04 billion. As previously discussed, however, FY 2027 expenditures are reduced by pre-payments of debt service and prior-year payable adjustments. After adjusting for this and also excluding the General Reserve and Capital Stabilization Reserve, which are also expenditures, growth is lower at 2.5 percent, although it still outpaces revenue growth. As shown in Table 15, most of the growth in spending over the Plan period comes from PS-related costs, including salaries and wages, pension, and health insurance. PS costs are budgeted to grow at an annual average rate of 2.7 percent while OTPS costs are budgeted to grow by 1.0 percent from FY 2027 to FY 2030. Debt service costs are projected to grow at an annual average rate of 10.2 percent.

Table 15. FY 2027-FY 2030 Expenditure Growth, Adjusted for Prepayments and Reserves

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

Note: Numbers may not add to totals due to rounding.

IV. Comptroller’s Office’s Restated Gaps and Surpluses

The Comptroller’s Office restates the City’s gaps based on its own estimates of City-funded revenues and expenditures. As detailed in the following section, in each year of the financial plan period this Office forecasts higher City-funded revenues and higher City-funded expenditures than OMB. In FY 2027 and FY 2028, these higher revenue projections are more than offset by higher expenditure projections, resulting in higher gaps than the administration of $743 million in FY 2027 and $7.25 billion in FY 2028. In FY 2029 and FY 2030, this Office’s higher revenue estimates more than offset the higher expenditure estimates, resulting in somewhat lower gap estimates than OMB, totaling $7.87 billion and $6.84 billion, respectively.

These estimates, however, assume the success of several savings actions that lack sufficient detail to be fully evaluated as achievable. If any of these actions are not realized as planned, gaps could increase. The Mamdani administration has still not provided any details on a portion of the citywide savings announced in February, including $179 million planned in FY 2028, $124 million in FY 2029, and $89 million in FY 2030. The administration has also provided cursory descriptions of plans to achieve its cost-containment initiatives for CityFHEPS, DHS shelter costs, and due process cases (described in more detail below). Until detailed plans are released and/or there is evidence of savings, these initiatives pose risks to the financial plan. In total, risks from cost-containment initiatives and unallocated savings could increase this Office’s gap estimates by $668 million in FY 2027, $586 million in FY 2028, $559 million in FY 2029, and $547 million in FY 2030.  OMB should resume regular, joint reviews of savings initiatives with this Office and other fiscal monitors. These reviews, similar to those conducted in the past, should assess whether planned savings are achievable and on track, and identify initiatives that have failed to produce their budgeted savings.

Table 16.  Comptroller’s Office’s Restated Gaps and Surpluses

Positive numbers decrease the gap and negative numbers increase the gap

Source: Office of the New York City Comptroller

Note: Numbers may not add to totals due to rounding.

Revenue Differences

The Comptroller’s Office estimates that City fund revenues—which include tax revenues, miscellaneous revenues, and unrestricted aid—will be higher than OMB’s projections in FY 2027 by $472 million, by $324 million in FY 2028, $1.74 billion in FY 2029, and $2.86 billion in FY 2030.

As shown in Table 17, most of the variance between the Comptroller’s Office’s projections and OMB’s derives from differences in tax revenue estimates. In FY 2027, this Office projects that tax revenues will total $485 million more than OMB. In the outyears, this Office’s tax revenue forecast is higher, by $431 million in FY 2028, $1.84 billion in FY 2029, and $2.96 billion in FY 2030. The Comptroller’s Office estimates slightly higher miscellaneous revenues in each year of the plan period, by $148 million in FY 2027 and averaging about $58 million more annually in the outyears.

Conversely, the Comptroller’s Office estimates lower unrestricted revenues than OMB from FY 2027 through FY 2030, by $161 million dollars annually. This is the result of the exclusion of a proposed tax on all cash transactions above $1 million that was not included in the State’s Enacted Budget but is still reflected in the City’s financial plan. Until another revenue stream is identified, the Comptroller’s Office considers this a risk to the financial plan.

Table 17.  Comparison of Tax Revenue Projections

Source: Office of the New York City Comptroller, Mayor’s Office of Management and Budget

Note: Numbers may not add to totals due to rounding.

Property Taxes

For FY 2027, the Comptroller’s Office forecasts property tax revenues to rise to $37.12 billion, an increase of 4.6 percent over FY 2026 projected revenues. This estimate is essentially unchanged compared with the Comptroller’s May forecast. After incorporating the FY 2027 final assessment roll, the Comptroller’s Office decreased its property tax forecast in the outyears compared with May by $50 million, $65 million, and $69 million, respectively. This results in total projected property tax revenues reaching $41.17 billion in FY 2030, an average annual growth rate of 3.5 percent from FY 2027 through FY 2030.

The Comptroller’s Office estimates property tax collections will be below OMB’s projections by $181 million in FY 2027. In FY 2028 though FY 2030, this Office projects somewhat higher property tax revenues compared to OMB, by $185 million, $401 million, and $648 million, respectively. In FY 2027 the difference is primarily due to variations in reserve estimates, with this Office’s estimating higher net cancellations and higher gross delinquencies. In the outyears, the difference is primarily due to differences in assumptions of levy growth. The Comptroller’s Office estimates an average growth rate of 2.5 percent from FY 2028 to FY 2030, while OMB estimates a growth rate of 2.1 percent from FY 2028 to FY 2030.

Non-Property Taxes

The Comptroller’s Office estimates that non-property taxes will total $52.04 billion in FY 2027, an increase of 2.8 percent over projected FY 2026 revenues. This is a net increase of $1.34 billion compared to its May forecast, primarily the result of higher expected business income tax and PIT/PTET collections.

Continued strong performance in the stock market, the financial sector, and in other business sectors led to higher than previously projected PIT and PTET tax installment revenues in late FY 2026. While this Office projects a slowdown in taxable income growth beginning in the second half of calendar year 2026, the upward revision to FY 2026 carries through to FY 2027 and the outyears. This leads to an average $295 million upward revision to this Office’s PIT/PTET forecast annually in FY 2027 through FY 2030, compared to the forecast published in June. This forecast is $346 million higher than OMB’s June Plan in FY 2027, $54 million lower in FY 2028, $436 million higher in FY 2029 and $992 million higher in FY 2030. Both Offices’ projections expect a near-term slowdown in income growth followed by a return to longer-run trends—with this Office’s projected growth somewhat higher than OMB’s, resulting in higher forecast revenues in 2029 and 2030.

This Office also raised its business income tax forecast since its report on the FY 2027 Executive Budget. This was largely due to very high June payments, which were 50 percent above the prior year’s and significantly altered FY 2026 performance. This unexpected growth, concentrated in the corporate sector, reversed a trend of lagging tax payments that had prevailed during the fiscal year before June. While current available information about this windfall does not provide certainty, it is most likely the result of surging profits in 2025 and early 2026, especially in the financial sector. It is less likely to be a result of the recent decoupling from the OBBBA which, despite its coincident timing, is expected to have its largest effect on revenues beginning in FY 2027. The raised level of collections last fiscal year carries through the forecast period resulting in FY 2027 business income taxes revenues that are $994 million more than previously projected – for a total of $11.72 billion in FY 2027. Outyear projections grew by an average of about $750 million annually compared to this Office’s prior forecast, with total collections projected to fall slightly to $11.66 billion in FY 2028, before picking up growth again and reaching $12.02 billion in FY 2030. These projections are higher than OMB’s annually resulting in additional resources compared to the June Plan of $278 million in FY 2027, $323 million in FY 2028, $910 million more in FY 2029 and $945 million in FY 2030.

Expenditure Differences

This Office estimates net expenditure needs of $1.21 billion in FY 2027, $1.13 billion in FY 2028, $1.40 billion in FY 2029, and $1.18 billion in FY 2030.

Chronic Underbudgeting

In each year of the financial plan this Office identifies funding needs due to chronically underbudgeted costs. These are costs that can be expected to be incurred and that are tied to ongoing programs with established spending patterns. However, instead of being included in the Financial Plan, the costs are recognized incrementally when budget modifications are presented. While the Mayor funded most of the City’s historically underbudgeted costs in the Preliminary Budget released in February, the Comptroller’s Office estimates that additional funding is required for overtime and contributions to the MTA in FY 2027 through FY 2030.

For overtime, this Office estimates overtime spending will total $2.59 billion in FY 2027, $589 million more than currently budgeted. This total includes uniformed overtime projections of $1.83 billion ($393 million more than budgeted) and $764 million for civilian overtime ($196 million more than budget). Of the uniformed overtime, this Office projects police costs to be $875 million or $241 million more than included in the Adopted Budget for FY 2027. In each of the outyears, this Office projects that additional funding for overtime costs will be required, totaling $511 million in each of FY 2028 and FY 2029 and $547 million in FY 2030.

As for the MTA, the City contributes annual operating subsidies. This includes support for such services as Access-A-ride paratransit, the MTA Bus Company, and the Staten Island Railway (SIRTOA). These subsidies are intended to cover either a portion or all the difference between the agency’s operating expenses and its revenue from fares. The MTA released an update to its financial plan in July 2026, which recognized a one-time $200 million reduction in the City’s subsidy for the MTA Bus Company, to be covered by MTA resources effectively recouping pension savings from the City’s re-amortization of costs. This reduction was already reflected in the City’s FY 2027 budget. The MTA Plan reflects the reduction in its FY 2027 (equivalent to the calendar year). As such, the impact is spread over City fiscal years FY 2027 and FY 2028. Compared to the MTA’s Adopted Financial Plan released in February 2026, the City’s expected subsidy drops by a net $156 million, and the July Plan also reflects revisions in net operating expenses for the MTA Bus Company. Comparing the City’s June Plan to the MTA’s July Plan, the Comptroller’s Office estimates the City will have to contribute $213 million more than budgeted in FY 2027, $42 million in FY 2028, $105 million in FY 2029 and $125 million in FY 2030.

Early Childhood Education and Child Care

This Office estimates that funding provided by the State (and first included in the February Plan) establishing a new universal 2-K program creates a fiscal cliff beginning in FY 2029 as funding has only been budgeted through FY 2028. This results in a $425 million need to (minimally) maintain the program in FY 2029 and FY 2030, and larger if an expansion is to be implemented.

City funding will also be necessary to sustain child care vouchers administered by the Administration for Children Services (ACS) ($490 million in FY 2028, growing to $608 million in FY 2029 and FY 2030). City funding may be necessary to replace $475 million in one-time state child care assistance program funding included in the State’s SFY 2027 Enacted Budget, as well as for a likely market rate increase now anticipated in October 2027 – one year later than this Office previously projected. The costs above do not include funding for the 27,800 children on the City’s voucher waitlist as of July 2026.

DOE Paraprofessional Payments

Since the adoption of the FY 2027 budget, the City Council passed Intro. 0692-2026 on July 16, 2026. The legislation provides one-time, non-pensionable payments of $10,000 to every full-time paraprofessional in NYC public schools during the 2026-2027 school year, pro-rated for part-time staff. The legislation specifies that “the requirement would be repealed upon the execution of a collective bargaining agreement that provides for an increase in the total annual compensation for school paraprofessionals equal to or greater than the amount of the workforce stabilization payments.”

City Council estimates that these payments will cost a total of $325 million. The Council estimate is based on FY 2025 staffing data. Based on the growth seen in the number of full-time paraprofessionals in FY 2026, this Office estimates that the actual cost will be somewhat higher totaling around $350 million in FY 2027.

Immigration Legal Services

As previously mentioned, $138 million in City funding for immigration legal services was added in the June Plan for FY 2027 only. This brings projected FY 2027 spending up to $209 million (including funding for ActionNYC operated by the Mayor’s Office of Immigrant Affairs). In FY 2028 and the outyears, funding for these services falls to an average of $68 million annually. In FY 2026 funding for these costs is budgeted at $126 million. Of the funds added at budget adoption, approximately $63 million were Mayoral funds and $75 million were provided through one-year City Council initiatives. This Office anticipates at least another $63 million will be required in each FY 2028 through FY 2030 to, at minimum, sustain these services at current levels.

Asylum Seeker Costs

The Comptroller’s Office estimates that providing shelter and services to asylum seekers will cost $1.02 billion in FY 2027 and $738 million in FY 2028, $531 million in FY 2029, and $383 million in FY 2030. Compared to OMB, the Comptroller’s Office projects a slightly higher average population but a slightly lower per diem rate, reflecting the City’s transition to DHS-managed shelters and the closure of the more expensive emergency sites.[25] As a result, the Comptroller’s Office estimates FY 2027 is overbudgeted by $139 million but there are additional needs of $238 million in FY 2028 and $31 million in FY 2029. FY 2030 is overbudgeted by $117 million. Please see the Comptroller’s Office’s Comments on the New York City FY 2026 Executive Budget for more details on the Comptroller’s Office’s projections.

Federal SNAP Funding Cut

The Federal budget reconciliation legislation passed last July made many changes to the administration and funding of the Supplemental Nutrition Assistance Program (SNAP). These include expanding work requirements for participants and introducing major updates to the program affecting cost-sharing and administrative funding. In Federal FY (FFY) 2028, which start on October 1, 2027, states will be responsible for covering part of SNAP benefit costs for the first time. The level of cost-sharing will depend on a state’s error rate when calculating eligibility and payment amounts. States with error rates of 6 to 7.99 percent will pay 5 percent, growing to 15 percent if the error rate is above 10 percent. New York State’s FFY 2024 error rate was more than 14 percent, and its FFY 2025 rate  was 13.18 percent.^[26] It remains unknown whether the State will pass any or all of these costs to New York City. However, if passed directly to the City’s budget, this Office estimates the maximum fiscal impact of a 15 percent share to be an estimated $700 million, after accounting for the recent declines in caseload. Pending Farm Bill negotiations could modify or delay implementation of these provisions, however.[27]

Because the budget impact of the cost sharing is not yet known, the Comptroller’s Office has not yet included it in its restated gaps. However, the State has already announced that a cut to Federal matching for SNAP administrative costs from 50 percent to 25 percent beginning in Federal FY 2027 will directly impact localities.[28] Under the current match, the City receives about $200 million in Federal funding for SNAP administration. The change goes into effect in FFY 2027, three months into the City’s FY 2027. The Comptroller’s Office estimates the City will need to fund its own spending on program administration by approximately $75 million in FY 2027, increasing to $100 million in FY 2028, the first full City fiscal year with the cut.

Pension Investment Returns

As previously mentioned, pension investment returns above the Actuarial Interest Rate (AIR) of 7 percent included in the Financial Plan allow the City to decrease its contributions to fund pension costs. The combined FY 2026 pension returns averaged 13.0 percent. OMB already included its estimated impact of 12.0 percent investment returns in the Adopted Budget. This Office projects that the 13.0 percent final return will result in additional estimated savings of $65 million in FY 2028, $200 million in FY 2029, and $329 million in FY 2030 above what OMB included in the June Plan.

Pension Bills

The June Plan does not reflect the potential impact of certain pension bills that have been passed by the State legislature but not yet signed into law by the Governor. If such bills are enacted, the cost to the City is estimated to be approximately $76 million in FY 2027, $60 million in FY 2028, $60 million in FY 2029 and $62 million in FY 2030. Included in these estimates are bills that eliminate the retirement benefit reduction for certain uniformed Sanitation and Corrections department employees due to primary social security retirement benefits commencing at age 62, and a bill that increases the duration of special accidental death benefits paid to a deceased member’s children, among others.

These estimates, however, do not include the cost of certain other pension enhancement bills passed by the State legislature but not yet signed into law, of which the fiscal impact is more uncertain. These include a bill that would extend the presumptive eligibility period, from 25 years to 35 years, for accidental death  benefits for injuries or illnesses related to World Trade Center (WTC) rescue, recovery and clean-up operations. Currently, retirement system members who die within 25 years of retirement may be eligible for accidental death benefits if they participated in WTC rescue, recovery or clean-up operations and died from a WTC qualifying condition. Under the legislation, this benefit would be extended to those who die from a WTC qualifying condition within 35 years of retirement.

V. Reserves

As previously mentioned, the FY 2027 Adopted Budget contains $450 million in budgeted reserves, all in the general reserve. This follows the takedown of reserves in the February Plan, when the administration lowered budgeted reserves for FY 2027 from $1.45 billion to the statutory minimum of $100 million – removing $1.10 billion from the General Reserve and the entire $250 million included in the Capital Stabilization Reserve. The administration restored $350 million in the General Reserve in the Adopted Budget. In the outyears, budgeted reserves include $1.20 billion in the General Reserve and $250 million in the Capital Stabilization Reserve.

In addition to the budgeted reserve funds, the City holds long-term reserves in its rainy-day fund, the Revenue Stabilization Fund (RSF), and the Retiree Health Benefit Trust (RHBT). The RSF’s current balance is $1.97 billion. The RHBT held a balance of $5.22 billion as of the end of FY 2025. A new financial statement including interest earnings accrued during FY 2026 will be available later on this year. The RHBT is not a true rainy-day fund, although it historically has been used as such; it is intended to cover the long-term liability deriving from retiree health care benefits.

The RSF was established by Mayor’s Executive Order 62 dated February 11, 2021. There is no separate fund for the RSF, which, in general terms, is simply the General Fund balance. RSF is combined with the rest of the City’s available cash and invested in overnight and short-term assets. The income it earns is included in the General Fund and accounted for as additional miscellaneous revenue and is not retained within RSF. Currently, RSF has no target balance, no rules governing the timing or size of deposits, no replenishment mechanism after use, and only loose guidelines for withdrawals.

The Comptroller’s Office has repeatedly advocated for the adoption of a formal rainy-day fund policy with regular reporting requirements, most recently proposing a City Charter amendment that would do so. The Charter Revision Commission appointed by Mayor Mamdani recently advanced a proposal that:

• Sets a target rainy-day fund balance of 12 percent of the prior years’ tax revenues. Funds to be included in that target include the RSF and “any other reserve fund maintained by the city”, including but potentially not limited to the RHBT;
• Sets a May 1, 2027 deadline for publishing a final methodology to calculate deposits. The methodology is to be developed by OMB in consultation with this Office. The first deposit (should the adopted formula indicate one) would take place in FY 2028. The methodology shall “take into account revenue growth trends, the amount of the city’s operating surplus, and any other factor deemed relevant for the purpose of ensuring sound fiscal management”; and
• Enshrines in the City Charter the loose withdrawal limitations that are already in State law. To wit, that no more than 50 percent of RSF may be withdrawn in any fiscal year unless the Mayor has certified that there is a compelling fiscal need. The fiscal need is to be predicated on a “national or regional recession, a reduction in total revenues from the preceding fiscal year as projected in the financial plan, a natural or other disaster, or a declared state of emergency in the city or state.” Even these mild restrictions do not apply to the “other reserves funds maintained by the City” that will be counted against the 12 percent calculus of tax revenues.

The proposal marks meaningful progress but contains several weaknesses, including: 1) the commingling of other to-be-determined reserves in the 12 percent target; 2) excessive discretion in the deposit formula due to the consideration of the level of operating surplus (the prepayment) and “any other factors deemed relevant for the purpose of ensuring sound fiscal management” and; 3) the lack of more stringent withdrawal rules than those currently in State law and do not limit at all the use of the “other reserves” counted towards the 12 percent target.

As outlined in its recent report, Strengthening the City’s Rainy Day Fund, this Office has proposed setting a target balance of 16 percent of tax revenues and a lower bound of 10 percent. In FY 2026 total tax revenues are projected by this Office at approximately $86.12 billion, translating to an RSF target of $13.78 billion at the full 16 percent level, or $8.61 billion at the 10 percent lower bound. In addition, this Office recommended that the City discontinue the use of RHBT as a rainy day fund and either effectively “transfer” its balance to RSF or use it to fund the OPEB accrued liability.

This Office’s prior proposal calls for depositing 20 percent of total tax revenue growth above 3 percent; plus, 40 percent of non-property tax revenues growth above the six-year trailing average (when positive). The deposit formula should apply whenever the RSF balance is below its target of 16 percent of tax revenues. The City should retain interest earnings within RSF to more quickly achieve the target. Once the target is achieved, required deposits would cease until the RSF balance falls again below the threshold. According to this formula, the City should have made a $1.73 billion deposit in FY 2026 based on this Office’s revenue forecast. Based on OMB’s forecast, the deposit should have been $1.41 billion. No deposit took place in FY 2026 and none is planned for FY 2027.

VI. Capital Budget Changes

The FY 2027 Adopted Capital Budget totals $29.10 billion, an increase of $1.29 billion compared to the FY 2027 Executive Budget. Of the increase, $291 million was added for cultural institutions, $272 million for the School Construction Authority (SCA), and $212 million for Parks. The City’s Adopted Capital Commitment Plan, typically released in September, will provide additional details on planned capital spending.

VII. Appendix

Table A1. June 2026 Financial Plan Revenue Detail

Note: Numbers may not add due to rounding.

Table A2. June 2026 Financial Plan Expenditure Detail

Note: Numbers may not add due to rounding. Agency expenditures shown above are net of intra-City expenditures.

Acknowledgements

The Comptroller wishes to thank the entire Bureau of Budget staff for their contributions to this report – it’s a true team effort! He is also grateful to the Bureau of Information Systems and Technology and the communications team for their assistance with layout and design.

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Endnotes

[1] Rate of Vacant Stabilized Apartments on the Rise After Pandemic-Era Spike | The City Reporter — NYC News

[3] See Chart 6A in New York by the Numbers Monthly Economic and Fiscal Outlook No. 112 – April 2026 – Office of the New York City Comptroller Mark Levine

[4] New York Housing Conference’s annual Housing Tracker report for 2026: https://tracker.thenyhc.org/wp-content/uploads/2026/06/NYHC-Tracker-2026_Digital.pdf

[5] REBNY Q1 2026 report https://www.rebny.com/press-release/q1-2026-report-shows-increase-in-proposed-construction-activity-as-multifamily-unit-production-exceed-historical-averages/

[6] Spending on DOE and CUNY fringe benefits, which are typically reflected within each agencies’ respective budget have been included in the fringe benefits category. Social services agencies include the departments of Social Services, Homeless Services, Aging, and the Administration of Children’s Services. All totals are net intracity funding.

[7] Property tax revenues are inclusive of the NY State reimbursement of STAR exemptions.

[8] In response to limits put on deductions of State and Local Taxes (SALT) payments in the 2017 Tax Cuts and Jobs Act, the State enacted legislation that allows partnerships and S corporations (known as pass-through entities) to pay City and State entity-level taxes. PTETs are optional taxes that do not replace the pre-existing income taxes (the General Corporation Tax on S corporations and the Unincorporated Business Tax). Unlike state and local PIT, PTET payments can be fully deducted from the federal individual income tax.

[9] A settlement in L,V. v. NYC Department of Education ordered the NYC DOE to improve the management of DOE’s special education administrative orders. See: L.V. v. NYC Department of Education – Advocates for Children of New York and Comments on New York City’s Preliminary Budget for Fiscal Year 2025 and Financial Plan for Fiscal Years 2024 – 2028 – Office of the New York City Comptroller Mark Levine for more details.

[10] The package of legislation also eliminated the shelter 90-day rule, which the Adams administration implemented in June 2023.

[11] The Department of Youth and Community Development provides emergency shelter services for young people between the ages of 16 through 24; as of the end of May 2026 provided shelter to 793 individuals. HPD provides emergency shelter to households displaced from their homes due to fire or City-issued vacate orders due to other dangerous conditions. As of the end of May HPD shelters housed 1,930 individuals. The Mayor’s Office of Criminal Justice provides short-term reentry housing to 650 individuals, as of the end of May. See the Local Law 79 report for details.

[12] Households in shelter must also include a household member that either meets works requirements (10 hours per week for last 30 days), has a disability, is 60 or older, lives in a DHS shelter about to close or has served in the U.S. Armed Forces.

[13] City To Expand Housing Vouchers in Budget: What You Need To Know – City Limits

[14] Intro 996 of 2026.

[15] Excludes impact of funding add for fringe costs included in the hold harmless changes.

[16] POLITICO Pro | Article | State takes over contract talks between Mamdani administration and NYPD’s largest union.

[17] Returns above or below the Actuarial Interest Rate (AIR) for a given fiscal year are phased into the Actuarial Asset Value over a five-year period in accordance with the Actuary’s Actuarial Asset Valuation Methodology (AAVM).

[18] The AIR of 7 percent is the current statutory AIR used to value the pension liabilities. Following the end of the fiscal year, the City’s Office of the Actuary measures the investment returns earned by the pension funds and compares them to the returns that would have been generated if investment earnings had equaled the AIR.

[19] Other fringe benefits include FICA, supplemental welfare benefits, disability and unemployment insurance, uniform allowances. They exclude health insurance and pension costs.

[20] Excludes overtime costs, which this Office estimates separately.

[21] Fringe benefit costs exclude health insurance and pension costs. Other wage costs exclude overtime costs, which are estimated separately by this Office. See the Comptroller’s Restated Gaps and Surpluses section of this report for details on overtime. Other wage costs also exclude the labor reserve for collective bargaining.

[22] New York City Council FY 2026 Budget Terms and Conditions, https://council.nyc.gov/budget/wp-content/uploads/sites/54/2026/07/Human-Resources-Administration-%E2%80%93-CityFHEPS-Report-Q4.xlsx.

[23] FY 2025 Mayor’s Management Report (MMR) – Operations

[24] In addition to CityFHEPS, DSS administers several other rental assistance programs including the Family Homelessness & Eviction Prevention Supplement (FHEPS B), the Special One-Time Assistance program (SOTA), the City and State-funded Special Housing Resource (SHARE), the State-funded FHEPS program, among others. CityFHEPS is funded exclusively by the City.

[25] https://comptroller.nyc.gov/reports/comparing-per-diem-hotel-and-service-costs- for-shelter-for-asylum-seekers/

[26] https://www.fna.usda.gov/sites/default/files/resource-files/snap-qcfy25-per.pdf

[27] Senate Farm Bill Negotiations Are Stuck During McConnell’s Absence – NOTUS — News of the United States

[28] https://www.governor.ny.gov/news/governor-hochul-unveils-devastating-impacts-republicans-big-ugly-bill-new-york-state