Mayor Adams Releases Updates to New York City’s 2024 Financial Plan
New York City Mayor Eric Adams announced new updates to the city’s 2024 fiscal year financial plans. The updates to the $110.5 billion budget cite the ongoing migrant crisis as the reason for the changes.
According to a news release by the city the November Financial Plan Update was crafted in “the face of significant fiscal challenges, with the city having spent $1.45 billion on the asylum seeker humanitarian crisis in FY23 and set to spend nearly $11 billion on this crisis over just FY24 and FY25 without significant and timely state and federal support.”
In August, Mayor Adams announced that the cost of the asylum seeker crisis is expected to grow to at least $12 billion over the next three fiscal years.
“For months, we have warned New Yorkers about the challenging fiscal situation our city faces,” Mayor Adams said. “To balance the budget as the law requires, every city agency dug into their own budget to find savings, with minimal disruption to services. And while we pulled it off this time, make no mistake: Migrant costs are going up, tax revenue growth is slowing, and COVID stimulus funding is drying up. No city should be left to handle a national humanitarian crisis largely on its own, and without the significant and timely support we need from Washington, D.C., today’s budget will be only the beginning.”
According to the Mayor’s office, the full 2024 budget has grown $3.4 billion since budget adoption in June, including $2.6 billion in grant funds and $776 million of better-than-expected revenue growth, primarily driven by income and sales tax collections.
In order to meet costs associated with asylum seekers, the city added $6.2 billion over 2024 and 2025, bringing total budgeted for migrant related costs over the two fiscal years to $10.8 billion.
(1) #nyc Mayor suggests budget cuts in #migrant crisis. – YouTube
