REMARKS
Council Member Brannan discusses NYC tax revenue forecast and budget priorities
4:55:55
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107 sec
Council Member Justin Brannan presents the City Council's tax revenue forecast, which projects higher collections than OMB's April plan. He emphasizes the need to invest in essential services and neighborhood institutions despite not projecting an ideal economic environment.
- The council projects $1.1 billion more in tax revenue for the current and next fiscal years compared to OMB's forecast.
- Tax revenue is projected to grow at an average of 3.4% annually through the forecast period.
- Brannan argues against aggressive cuts and advocates for preserving funding for parks, libraries, cultural institutions, housing, mental health care, and early childhood education.
Justin Brannan
4:55:55
Thank you, speaker Adams.
4:55:57
Council's tax revenue forecast remains largely the same as our previous forecast, this past February.
4:56:07
We project the city will collect a total of $1,100,000,000 in tax revenue in the current and next fiscal years.
4:56:14
It's more than OMB has projected in their April plan, driven by stronger collections and personal income, property, business, and sales tax.
4:56:22
Additionally, we project $1,830,000,000 greater tax revenue collection in f y 26, 2,420,000,000 in f y 27, and 3,760,000,000 in FY 28.
4:56:37
The council sees tax revenue grow at an average of 3.4% annually through the forecast period, which while trending the right way remains below the 5 a half percent annual growth the city saw from fiscal years 2010 to 2019.
4:56:53
While the council does not project a project a dream economic environment, that's no rationale for aggressive cuts and failing to make use of every resource we have on hand.
4:57:04
We have what we need to persevere and preserve neighborhood cornerstones like our parks, libraries, and cultural institutions, as well as to protect essential services like housing, mental health care, and early childhood education.
4:57:16
All the things that keep New Yorkers on their feet.
4:57:19
The more we we invest in our fellow New Yorkers now, the more our city will get back later.
4:57:25
I'll have questions today on the personal income tax, the budget stabilization account, city agency headcount, the capital budget, and several issues that came up in our 2 weeks of hearings.
4:57:38
And now I'm gonna turn it over to Mike Toomey to swear on our witnesses.
