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