NYC Budget Surplus Exceeds Mayor’s Estimate by Nearly $3 Billion
- IBO says spending on workforce, asylum seekers likely to fall
- Office predicts higher budget costs for housing and overtime
The higher surplus results from about $900 million more in anticipated tax revenue for the fiscal year ending June 30 and about $1.9 billion less in spending.
Photographer: Ed Jones/AFP/Getty ImagesNew York City’s budget surplus in the current fiscal year is $2.8 billion higher than Mayor Eric Adams’ forecast, reducing pressure on officials to cut services, the city’s budget watchdog said.
The higher surplus results from about $900 million more in anticipated tax revenue for the fiscal year ending June 30 and about $1.9 billion less in spending, according to the city’s Independent Budget Office. Spending will be lower than expected mainly for the city’s workforce and for sheltering migrants.