AGENCY TESTIMONY
Overview of FY25 executive budget and fiscal position
0:03:16
·
38 sec
Comptroller Brad Lander presents an overview of New York City's $111.6 billion FY25 executive budget, highlighting a modestly stronger fiscal position compared to the preliminary budget. The budget reflects increased projected tax revenues and a manageable FY25 gap.
- $2.3 billion increase in projected tax revenues for the current and next fiscal year
- Cancellation of the 3rd round of PEGs (Program to Eliminate the Gap)
- Restoration of funding for some Department of Education and NYPD cuts
Brad Lander
0:03:16
The $111,600,000,000 f y 25 executive budget, as you well know, reflects a modestly stronger fiscal position for the city than the preliminary budget.
0:03:26
It includes a combined $2,300,000,000
Diana Ayala
0:03:27
increase in projected tax revenues for this fiscal year and next, and
Brad Lander
0:03:27
the f y 25 tax revenues for this fiscal year and next, and the f y 25 gap is manageable even with the cancellation of the 3rd round of pegs that the mayor had announced last fall and with the restoration of funding for some of the cuts to the Department of Education and the NYPD.
0:03:45
While these positive indicators are heartening, my office continues to project substantial out year gaps, which will take careful planning, honest budgeting, and strong fiscal management to close.
