Adams proposes $115B budget with slimmer spending on migrants

Mayor Eric Adams proposed a $114.5 billion budget for the coming year that dials back migrant spending while ramping up allocations for shelter beds, tax cuts and infrastructure. But he acknowledged uncertainties posed by a sluggish commercial office market and the policies of the incoming Trump administration.The preliminary budget for Fiscal Year 2026, released Thursday, paints a sunnier financial picture compared to the last two years, when escalating costs for asylum seekers prompted the mayor to make unpopular budget cuts that the City Council fought to reverse. With fewer migrants arriving in the city, the Adams administration is now lowering the estimated cost of the crisis to another $6 billion between the current year and next year, down from a previous projection of $8.4 billion. The city has already spent some $6.9 billion on the migrant crisis since 2022.Adams’ new financial plan will be negotiated with the City Council ahead of the July 1 start of the next fiscal year. At $114.5 billion, it would be about the same size as the current year’s budget, which stood at $115 billion as of November.The improving financial picture comes at an opportune time for Adams, who can pursue his difficult re-election bid this year without needing to defend new cuts to parks or libraries.“Because we set the table for success, we were able to ensure the continuity of critical programs as well as make strategic new investments in public safety, affordability and quality of life,”... Continue reading at 'Crains New York'

[ Crains New York | 2025-01-16 18:11:40 UTC ]

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