NYC’s budget deficit projected to near $14B by 2027: state comptrollerBy Bernadette Hogan and Nolan Hicks
February 23, 2023
New York City’s budget deficit could hit $13.9 billion by 2027 — more than twice the shortfall projected by Mayor Eric Adams — thanks to new and costly labor contracts, the migrant crisis and slow economic recovery from COVID-19, according to a new report from Albany.
The projection released Thursday by State Comptroller Thomas DiNapoli far exceeds the city Office of Management and Budget prediction of a deficit growing to $6.5 billion over the next four years.
Adams’ unveiled his record $102.7 billion budget proposal in early January, which DiNapoli assumes will grow to $104.8 billion before its due date on June 30.
The comptroller released the 51-page study days after City Hall struck a tentative deal with one of its biggest labor unions — District Council 37 which represents 90,000 municipal workers — to raise wages by 3% for the years 2022 through 2025 and 3.25% in 2026.
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Source:
https://nypost.com/2023/02/23/nyc-budget-deficit-projected-to-rise-to-14-billion-by-2027/