New York City Budget Crisis Overview

New York City faces a budget crisis of a historic magnitude.

We inherited a deficit larger than any since the Great Recession.

Years of mismanagement and chronic under-budgeting,

alongside a structural

imbalance between what New York City sends to the state and what we receive in

return, have taken a toll. We cannot close this deficit

with savings alone. We need new revenue, and we need a

structural reset in our relationship with the state.

That is the only way to meet our legal obligation to pass a balanced

budget, and to do so without imposing a financial

burden onto

the backs of working people. I'm glad to partner with Speaker Heaton as

we

call upon Albany and deliver a balanced budget.

Together, we are extending the executive budget

deadline from this coming Friday

until May 12th because a crisis of this scale cannot be solved without

state action. I wanna be clear, we are not simply asking others

to act. New York City is doing our part.

We are committed to governing with the fiscal responsibility this moment demands.

Speaker Heaton and I have already identified meaningful savings, and we will

continue that work carefully, deliberately, and without

cutting the services that New Yorkers rely on.

But we cannot do it alone.

That is why we are standing together this morning, to underscore what is at stake

and to call on Albany to deliver additional revenue.