"Our city faced an unprecedented Fiscal Year 25 budget gap of $7.1 billion in the November 2023 financial plan update. By law, that gap must be closed in this preliminary budget," Adams said. "We developed our plan early, and I am proud to report that it has succeeded."
Adams pushed back on that point, attributing the change to several factors: The city will be receiving more expected tax revenue, or $2.9 billion, in Fiscal Years 2024 and 2025 than initially believed, and about 60% of the migrants who came through the shelter system were able to cycle out, he said. Hochul also carved out $2.4 billion in the $233 billion state budget to help the city manage the migrant crisis.
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