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Mamdani’s budget has ballooned to nearly $130B - as mayor falls far short of targeted saving cuts
New York Post • • business
Key Points:
- New York City's budget has increased to $129.2 billion for the fiscal year, marking a $3 billion rise since June, driven partly by nearly $1 billion in unexpected tax revenue from a booming Wall Street.
- Mayor Zohran Mamdani's administration has yet to provide a detailed savings plan to meet the mandated 2.5% budget cuts, with only $429 million (0.33% of the budget) in cuts identified so far.
- The Department of Education's spending is projected to exceed previous budgets by over $400 million, with minimal savings achieved despite a pledge to reduce $13 billion in outside contractor expenses.
- The city faces significant budget shortfalls of $6.2 billion next year and approximately $9 billion over the following two years, raising concerns about long-term fiscal stability.
- Critics highlight the lack of transparency and insufficient savings efforts, noting that only a small fraction of the targeted cuts focus on increasing government efficiency, while the mayor continues to defend the budget as fiscally responsible.
