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New York City Mayor Eric Adams, revealed one of the largest budget proposals in the history of the city.
On a Jan. 13 afternoon address from City Hall, Adams announced his record-high $102.7 billion fiscal 2024 budget proposal that would increase city government spending by nearly 1.6 percent.
Overall city expenditures would be $1.6 billion more than the $101.1 billion fiscal 2023 budget adopted last June.
NYC’s fiscal year begins on July 1 and ends June 30 of the following year.
However, his proposed budget does not account for the estimated $1 billion-plus cost of managing the ongoing illegal immigrant crisis.
City officials stated that a "perfect storm of slowing revenue and rising costs" would soon hit due to a pending looming recession, leaving a massive budget gap as high as $6.5 billion over the next few years, the NY Post reported....