NYC faces largest budget gap since Great Recession, comptroller says. City facing "some tough decisions."
New York City is facing a massive budget gap in the immediate future, Comptroller Mark Levine said Friday.
Levine said NYC faces a budget shortfall of $2.2 billion this fiscal year, and $10.4 billion in FY2027.
The comptroller said the city hasn't faced such a large budget shortfall since the Great Recession in 2008.
Levine said the city faces "some tough decisions about revenue and expenses."
"We're not going to sugarcoat this. This is a challenging budget outlook," Levine said. "This does not mean we still cannot act boldly. And it might mean that our biggest plans need to be phased in over multiple years."
The comptroller claimed the Adams administration's spending led to the high budget projections for the next two years, and failed to account for recurring expenses.
Levine said, however, that there's a way to close the gap.
"If we can grow our economy, then we avoid the difficult trade offs," he said.
For more information on Levine's projections, click here, or watch his entire news conference here.