NYC budget will surge to record $106.7 billion in 2024

[Kamaji]

NYC budget will surge to record $106.7 billion in 2024: Adams

By Bernadette Hogan, Nolan Hicks and Emily Crane
April 26, 2023

The Big Apple’s budget will swell to a record-breaking $106.7 billion in 2024 because of the surging migrant crisis, inflation, and a string of new labor deals, Mayor Eric Adams announced Wednesday.

The budget deal is a $4 billion increase on what the mayor had pitched in his preliminary fiscal plan in January – a hike he pinned largely on the influx of migrants flowing into the city.

“The challenges we face are real — including the costs of the asylum seeker crisis, the need to fund labor deals, and slowing tax revenue growth — and we must budget wisely,” Adams said.

Hizzoner insisted the increase in spending will be offset by the promised $1 billion in state grants that will go towards covering the $1.4 billion the city has already forked out on shelter and social services for 57,000 migrants within the last year.

The $4 billion rise in city spending will also partially be funded by higher-than-expected tax receipts, Adams said. Tax revenues increased by $2.3 billion for 2024.

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Source:  https://nypost.com/2023/04/26/nyc-budget-to-surge-to-record-106-7-billion-in-2024/

[Kamaji]

and a string of new labor deals

That is probably the bigger problem in the budget.  When the government is controlled by democrats, there are two sides negotiating for the unions, and nobody negotiating for the taxpayers.

[Wingnut]

How much for NYPD?

[LMAO]

Like most politicians, they’ll try every single  trick to hide the budgetary crisis they are facing

Maybe for once, they should just try basic arithmetic

[bigheadfred]

How much for NYPD?

Who needs a PD when there are no criminals to arrest?

[Kamaji]

How much for NYPD?

@Wingnut

From the article:

The NYPD’s budget came in at $5.3 billion for fiscal 2024, which is a cut of roughly $200 million from the year prior. But City Hall expects the final figure to be the same as last yaer because of yet-to-be-awarded federal grants, which totaled $180 million in 2023 alone.

The NYPD budget also only sets aside $372 million for overtime, a figure that budget writers acknowledge the police are likely to exceed. Overtime in 2023 is expected to hit $698 million. Most of that — $517 million — will be picked up by city taxpayers while Gov. Hochul has promised to cover much of the rest, which was run-up by extra shifts patrolling the subways.

[mountaineer]

In other NYC financial news:

Reza Chowdhury
@RezaC1
NYC pension funds lost $35B last yr, single largest 1yr decline in history

NYC Comptroller is an anthropology major w no finance experience

Assistant Comp for Pensions is a religion major; also no finance experience

Office has a chief equity officer and chief climate officer
2:22 PM · Apr 28, 2023