QUESTION
Was the mayor's $5.88 billion budget cut and its impact on decarbonization efforts appropriate?
4:33:34
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119 sec
New York City Comptroller Brad Lander suggests the mayor's $5.88 billion budget cut was a mistake after Governor Hochul's debt capacity increase.
- Comptroller Brad Lander acknowledges the administration's initial concerns over debt capacity but credits the proactive approach to address it with Governor Hochul.
- Governor Hochul's $12 billion increase in debt capacity alleviates the need for such drastic budget cuts.
- Lander argues that it was unwise to slow down necessary projects due to a problem that is now unlikely to occur, emphasizing the importance of reconsidering the budget cut.
- The budget cuts affected decarbonization efforts, affordable housing, and other areas, spurring concerns among council members.
Lincoln Restler
4:33:34
You noted that with the anticipated increase in the debt capacity in as a result of Governor Hochul's plan that there is no concern at this time about being able to accommodate the costs of the SEA capital plan and the Burrow based jail plan as well as the BQE.
4:33:53
Even if I might think the latter is misinformed.
4:33:58
Do you think that the mayor's cuts of $5,880,000,000 in the current capital plan were appropriate.
4:34:07
In particular, I just want to highlight that disproportionally those cuts came out of the decast budget and really undermine our decarbonization efforts and are a real concern for me.
4:34:16
But of course, as are the affordable housing and other reductions that we're concerned about.
4:34:20
Do you think that those cuts should be reversed based on your analysis of our net capacity?
Justin L. Brannan
4:34:26
So first, I I will give
Brad Lander
4:34:27
the administration credit for reaching out to try to get the debt limit issue addressed.
4:34:33
Because I think if they hadn't sounded the alarm bell gone to the governor, then she wouldn't have put the $12,000,000,000 increase into her budget.
4:34:40
And we might have a problem in fiscal school year 28, 29, 30.
4:34:45
And because these projects take a long time and you're borrowing, it's a good idea to keep looking down the roads.
4:34:50
So I think it was wise to say we need to look at this issue and get it addressed to go to the governor and get her to put the $12,000,000,000 in the budget.
4:34:58
Once she did and before she did that, I could see the reason for kind of the alarm bells and perhaps cuts.
4:35:04
Once you knew and you saw on the executive budget that the governor was putting the $12,000,000,000 there that you don't has foresee a breach in the next 10 years, then I think it was a mistake to cut projects that you know are necessary, slow them down, because of a problem that you you are unlikely to have.
Lincoln Restler
4:35:25
That's very helpful.
4:35:26
Thank you for clarify that, and I hope that we'll be successful in pushing back on OMV over the course of the the budget process.