February 17, 2026<\/p>\n
New York, NY \u2013\u00a0New York City Comptroller Mark Levine released a statement on\u00a0Mayor Zohran Mamdani\u2019s Preliminary Budget proposal for Fiscal Year 2027.<\/p>\n
\u201cMayor Mamdani\u00a0has proposed\u00a0a budget that honestly and transparently lays out the scale of our challenges, notably ending the long-running practice of\u00a0underbudgeting\u00a0for known, fast-growing expenses.\u00a0The picture\u00a0that\u00a0this honest accounting paints is stark.<\/p>\n
\u201cOur city\u00a0is\u00a0under the\u00a0greatest\u00a0fiscal\u00a0strain since the Great Recession, despite\u00a0a strong economy and record revenues from Wall Street.\u00a0We are\u00a0legally\u00a0required to balance our budget, but it will not be easy.\u00a0Even the measures proposed in the\u00a0Mayor\u2019s\u00a0plan may not be enough, since they\u00a0assume\u00a0an aggressive revenue\u00a0projection, a\u00a0presumption that the\u00a0CityFHEPS\u00a0expansion is halted,\u00a0and efficiency savings that have not yet been specified.<\/p>\n
\u201cTo\u00a0rely\u00a0on a property tax increase and\u00a0a significant draw-down of\u00a0reserves to close our gap would have dire consequences. Our property tax system is profoundly\u00a0unfair\u00a0and inconsistent, and an\u00a0across-the-board increase\u00a0in this tax\u00a0would\u00a0be\u00a0regressive. Drawing down reserves during\u00a0a period of economic growth would leave us\u00a0vulnerable\u00a0to economic\u00a0turbulence\u00a0next year.<\/p>\n
\u201cWe are left with no easy options.\u00a0But to\u00a0avoid the harm of increasing\u00a0property taxes and\u00a0drawing down\u00a0reserves, we need\u00a0to find\u00a0greater\u00a0efficiencies and savings across New York City government and\u00a0reconfigure\u00a0programs that are\u00a0growing at an unsustainable rate. We also undoubtedly need greater\u00a0assistance\u00a0from Albany, to further rectify the\u00a0years-long funding imbalance between the\u00a0City\u00a0and the State.<\/p>\n
\u201cMy office will release a full, updated analysis of the revenue outlook and financial plan on March 11. Until then, I will keep working with the\u00a0Mayor\u00a0and partners at all levels of government to\u00a0achieve\u00a0a budget that builds a strong, sustainable fiscal foundation for the future of our city.\u201d<\/p>\n
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