"The surge in new funding includes more than half a billion dollars in recurring funding targeted at costs that city officials say shifted from the state to New York City in recent years, including $300 million for youth programming, $150 million in restored sales tax revenue and $60 million for public health. The remaining $500 million will go toward "shared priorities" to be determined by the city and state."
"Earlier this year, Mamdani warned that what he described as mismanagement under former Mayor Eric Adams left his administration facing a $12 billion budget shortfall over the next two years, fueling his calls for state lawmakers to impose a millionaire's tax and increase the state's corporate tax rate. Hochul remains opposed to increasing income taxes. During testimony in Albany last week, Mamdani said the city's budget gap had fallen to $7 billion, driven in part by higher-than-expected revenues, including Wall Street bonuses."
Gov. Kathy Hochul and Mayor Zohran Mamdani announced a $1.5 billion state investment over two years to stabilize New York City's finances. More than $500 million is recurring funding aimed at costs shifted from the state, including $300 million for youth programming, $150 million in restored sales tax revenue and $60 million for public health. Another $500 million will fund shared priorities to be agreed by city and state. The funding precedes the mayor's required balanced preliminary budget and will narrow projected gaps, but significant fiscal challenges remain. Earlier estimates placed a $12 billion shortfall, later reduced to $7 billion.
Read at Gothamist
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