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AGENCY TESTIMONY
Budget balance and positive economic indicators for New York City
0:13:04
ยท
87 sec
Jacques Jiha presents an overview of the FY 2026 preliminary budget, highlighting its balance and reduced future fiscal year gaps. He also emphasizes positive economic indicators for New York City.
- The FY 2026 preliminary budget is balanced at $114.5 billion, with lower gaps in future fiscal years compared to previous projections.
- The city closed a $5.5 billion budget gap and made a $2.3 billion prepayment from FY 2025 to FY 2026.
- Job creation is at an all-time high, with unemployment dropping across all demographics.
- Tourism is approaching record levels and is expected to exceed pre-pandemic levels by the end of the year.
Jacques Jiha
0:13:04
The fiscal year twenty six preliminary budget is balanced at a hundred and $14,500,000,000 with gaps of $4,200,000,000, 5 point 4, and $5,100,000,000 in fiscal year twenty seven through fiscal year twenty twenty nine, which are all lower than at the November 24 financial plan update.
0:13:28
Not only did we close a 5 and a half billion dollars budget gap in the upcoming fiscal year, but we also made a 2,300,000,000 prepayment from fiscal year twenty five into fiscal year twenty six.
0:13:42
Also, we are going into fiscal year twenty six with reserve of 8 and a half billion dollars demonstrating our responsible stewardship of the city's long term finances.
0:13:56
The administration ongoing strong fiscal management and laser focus on policies that keep New York City a safe and clean place to live, work, and raise a family has set the table for a thriving local economy.
0:14:10
Job creation is at is at an all time high and unemployment has dropped in all demographics with black and Hispanic joblessness down more than 20% since this administration took office.
0:14:25
Tourism is at a near record level and is expected to exceed pre pandemic levels by the end of the year.