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REMARKS
Speaker Adams discusses budget overview and economic forecast
0:02:40
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120 sec
Speaker Adrienne E. Adams provides an overview of the FY '26 executive budget and discusses the economic forecast. She highlights the resilience of the city's economy despite federal policy uncertainties.
- The executive budget for FY '26 is $115.1 billion, an increase of $0.5 billion from the preliminary budget.
- The Council's economic forecast shows revenue projections outpacing OMB's by $1.7 billion for FY '25 and '26.
- Economic growth is expected to slow due to federal policies, particularly those of the Trump administration.
Adrienne E. Adams
0:02:40
Thank you Finance Chair.
0:02:43
Good morning or good morning.
0:02:45
Yeah.
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Good morning everyone.
0:02:48
Thank you Finance Chair Brannan for holding today's executive budget hearing.
0:02:51
This is the last for FY '26.
0:02:55
The mayor's executive budget for fiscal year twenty six is $115,100,000,000.
0:03:02
It's an increase of half a billion dollars from the FY '26 preliminary budget.
0:03:07
This week, the council unveiled our latest economic and tax forecast, which shows consistent revenue projections that continue to outpace OMBs by $1,700,000,000 for fiscal years twenty twenty five and 2026.
0:03:22
Our city's economy is resilient despite the uncertainty caused by the Trump administration's volatile economic and tariff policies that have undermined US economic growth.
0:03:33
Prior to the tariffs and trade policy turmoil, the national economy was expected to grow at a healthy rate of around 2.1% this year.
0:03:43
Now due to Trump's policies, the council expects economic growth to fall one to 1.3 in 2025.
0:03:52
During this period of chaos from the federal government, the council's focus is on advancing investments that help make our city safer and more affordable.
0:04:02
New Yorkers count on our city budget to prioritize their needs and make it possible for them to build their lives in our great city.
0:04:10
While the executive budget includes some key investments that the council has long called for and were included in our preliminary budget response, there remains work to do to ensure that the adopted budget includes vital funding for programs missing in the mayor's executive budget.
0:04:27
New Yorkers, from our youngest to our seniors, depend on cultural institutions, libraries, and parks to maintain meaningful connections to each other, their cultures, and their communities.