\u201cTin Cup Day\u201d<\/a>\u00a0\u2014 when municipal leaders ask for more funding from the budget \u2014 to request more funding for New York City and allow him to raise taxes on business and wealthy families to reduce the projected shortfall and fund his lefty agenda.\u00a0<\/p>\nThe tranche of new state funding will be provided over the next two years, Hochul said. It includes $510 million to cover expenses the state used to pay for public health and youth programs, but has shifted onto the city, officials said. The other $500 million in new funding will be targeted to \u201cshared priorities,\u201d according to the Hochul administration.\u00a0<\/p>\n
Mamdani said he is \u201cheartened\u201d by Hochul\u2019s support, and said he hopes it signals the beginning of \u201ca new, productive and fair relationship between City Hall and Albany \u2013 focused on delivering for working New Yorkers.\u201d\u00a0<\/p>\n
\u201cWorking New Yorkers did not create this budget crisis, and they should not be the ones to pay for it,\u201d Mamdani said in a statement Monday. \u201cAfter years of staggering fiscal mismanagement under the previous administration, our city deserves responsible and collaborative leadership.\u201d\u00a0<\/p>\n
Mamdani\u2019s\u00a0budget officials had\u00a0previously\u00a0projected the budget gap for the next two years could top $12.6 billion, but officials said that figure has been revised down to about $7 billion. Mamdani ruled out cuts to the NYPD and other city services but warned the budget gap must be filled to balance the spending plan.<\/p>\n
Hochul has previously committed $1.7 billion to Mamdani to fund plans to provide free child care for 2-year-olds in New York City as part of broader plans to expand universal childcare statewide.\u00a0<\/p>\n
Mamdani, a democratic socialist and former Queens assemblyman, has called for setting a new wealth tax for the city\u2019s top earners and increasing taxes on major corporations to pay for his agenda, which includes tuition-free college, free bus service and government run grocery stores.\u00a0<\/p>\n
\u201cWhat we are going to do is exhaust every option to make it clear that the time has come to reset the relationship between the city, its wealthiest residents, its most profitable corporations and with Albany,\u201d Mamdani said at a recent town hall meeting.\u00a0<\/p>\n
Hochul has signaled that she won\u2019t be supporting tax\u00a0increases in her budget proposal for the next fiscal year, but hasn\u2019t ruled out higher taxes to pay for expanded universal child care programs.<\/p>\n
New York state is facing a projected budget deficit of more than $10 billion in the next fiscal year, with revenue gaps widened by federal cuts and funding freezes.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"By Chris Wade (The Center Square) \u2014 New York Gov. Kathy Hochul on Monday said the state is…\n","protected":false},"author":2,"featured_media":135773,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[9,24,55,54,56],"class_list":{"0":"post-135772","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-new-york","9":"tag-new-york-city","10":"tag-new-york-city-headlines","11":"tag-new-york-city-news","12":"tag-ny"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/135772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=135772"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/135772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/135773"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=135772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=135772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=135772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}