Mayor announces lesser cuts than anticipated in 2025 fiscal year budget
The city is expected to rake in nearly $3 billion in tax revenue in 2024, more than previously projected.
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In a $109.4 billion preliminary budget, Mayor Eric Adams says his administration has spared New York City from cuts his administration previously announced.
"This was smart fiscal management and not being reckless at this particular time," said Adams.
At the end of last year, Adams announced 5% cuts across all city departments. Most departments will still need to scale back by 5%, but now the city will hire 600 NYPD officers in April, one firefighter won't be cut from each of the city's engine companies, some funding will be restored to 170 community schools, and libraries will not need to resort to Saturday closures - though they still can't afford to open on Sundays.
"This is successful management of the city's resources and a crisis at the same time," said Adams.
Adams' claims the about-face is for two reasons: between fiscal years 2024 and 2025, the city is expected to rake in nearly $3 billion in tax revenue (more than previously projected) and 60% of migrants who arrived in the city are no longer under its care.
"We still need help. We're still getting thousands of people a week. It's just that we're successfully getting people out of the system," said Adams.
