Adams Unveils Record $102.7B NYC Budget For Next Year

NEW YORK CITY — Mayor Eric Adams unveiled a record $102.7 billion proposed budget for next year that he said still limits spending.

Adams outlined his fiscal year 2024 spending plan Thursday over a 20-minute speech that left nitty-gritty details for later.

But the broad strokes picture Adams painted was of a bare-bones budget with a few new investments in services.

“I know there would be those who say we should do things differently,” he said. “That we should extend ourselves further, save less and spend more. But, as mayor, the buck stops with me: it’s my responsibility to keep our city on a stable path.”

The proposed budget would be the largest in New York City's history.

Despite the whopping price tag, Adams argued it streamlined spending ahead of potential fiscal challenges facing New York City in the near future, Adams said.

One of those is a projected $1 billion spent this fiscal year on an influx of asylum seekers, he said. And potential future troubles with the economy also threaten to put the city in a pinch, the mayor said.

“As the economy slows, so will our revenue growth,” Adams said. “This creates the perfect storm.”

Much of the budget, as outlined, appears to avoid the cuts Adams that rolled out over his first year in favor of keeping spending low.

Controversy over those cuts reemerged hours before Adams put forward his preliminary plan, as Council leaders said they wouldn’t vote on a proposed budget modification from November.

Council Speaker Adrienne Adams, no relation to the mayor, and Justin Brannan, the Council’s finance chair, excoriated the adjustment. They said it undermines the city’s health, safety and recovery, as well as offers a “false choice” between cuts to city agencies or cuts to non-profit funding.

“The budget vision put forward by the Administration to cut funding for CUNY, libraries, social services, early childhood education, and other essential services for New Yorkers is one this Council cannot support,” they said in a joint statement.

“We will not allow our city to be damaged by the undermining of city agencies and services that meet the essential needs of all New Yorkers.”

The symbolic stance effectively put Adams, the mayor, on notice that Council members wouldn’t stand for similar cuts in the upcoming budget.

Adams said city agencies will be asked to self-fund new needs with pre-existing resources.

He also argued that a controversial plan from last year to leave half of vacant positions, or roughly 4,300, unfilled not only won't impact services, but also saved the city money.

"Some will argue that vacancy reductions results in agencies not being able to do their jobs," he said. "Don't believe them. There are 23,000 open positions still on the books, which leaves ample room in agency budgets to hire critical roles."

The budget puts an additional $20 million toward affordable housing, funds street safety projects to the tune of $228 million, invests $259 million in climate-related projects, among other investments, according to budget documents.

Read the budget summary here.