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NYC Council 2024 revenue projection $1.1B more than Mayor’s forecast

May 21, 2024 Brooklyn Eagle Staff
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CITY HALL — THE NYC COUNCIL released its May 2024 Economic and Tax Revenue Forecast with revenue projections that outpace those of the Mayor’s Office of Management and Budget by $1.1 billion for Fiscal Years 2024 and 2025, indicating that the city can restore cuts to essential services, the Council said in a release Tuesday. “The Council’s tax and revenue projections remain consistent, and despite OMB’s adjustment in the Executive Plan, we’re still expecting an estimated $1.1 billion more in revenue that can be used to restore cuts and invest in New Yorkers,” Speaker Adrienne Adams and Finance Committee Chair Justin Brannan said.

Budget priorities include early childhood education, public schools, CUNY cultural institutions, libraries and parks, housing, mental health care, and programs that reduce recidivism, the officials said.

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