REMARKS
Council's economic and tax forecast outpaces OMB projections
4:51:15
·
44 sec
Council Member Adams presents the Council's latest economic and tax forecast, which shows higher revenue projections compared to the Office of Management and Budget (OMB).
- Council's forecast outpaces OMB's by $1.1 billion for fiscal years 2024-2025
- This difference persists even after OMB adjusted its revenues by $2.3 billion
- Additional $2.25 billion in potential underspending identified by the Council
Adrienne E. Adams
4:51:15
Yesterday, the council unveiled our latest economic and tax forecast, which shows consistent revenue projections that continue to outpace OMB's by $1,100,000,000 for fiscal years 2024 2025.
4:51:31
This difference remains even after OMB adjusted its revenues by $2,300,000,000 for fiscal year 24 and fiscal year 25 in the executive budget.
4:51:42
The $1,100,000,000 more is expected in expected revenue is in addition to other available funds for the city budget, like the $2,250,000,000 in potential under spending over the current and next fiscal year that the council identified in its preliminary budget response.
