DiNapoli Statement on NYC's 2025 Budget Modification

New York State Comptroller Thomas P. DiNapoli issued the following statement today regarding New York City's 2025 budget modification.

"New York City's Fiscal Year 2025 budget modification raises current year spending to $115 billion, primarily reflecting the addition of federal and state grants to the plan. While outyear gaps are virtually unchanged, the city anticipates lower costs for asylum seekers due to a steadily declining population, as well as lower pension and debt service spending, in the current year. Business income tax revenue remains strong, as economic growth continues, albeit more slowly than in recent years.

"Additional revenue and cost savings will allow the city to restore funding for two police classes that were canceled last year and make up for cost overruns on cash and rental assistance, which continue to outpace the city's projections. The preliminary budget, due in January, is expected to include updated economic and revenue projections, and I encourage the city to provide more realistic levels of funding in the outyears for items that have persistently exceeded cost projections, particularly for social service spending."