{"id":140290,"date":"2026-02-20T19:11:48","date_gmt":"2026-02-20T19:11:48","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/140290\/"},"modified":"2026-02-20T19:11:48","modified_gmt":"2026-02-20T19:11:48","slug":"mayor-mamdani-releases-balanced-fiscal-year-2027-preliminary-budget-the-bronx-daily","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/140290\/","title":{"rendered":"Mayor Mamdani Releases Balanced Fiscal Year 2027 Preliminary Budget | The Bronx Daily"},"content":{"rendered":"

Today,\u202fMayor Zohran Mamdani released the Fiscal Year (FY) 2027 Preliminary Budget<\/a>, outlining the scope of a fiscal crisis inherited from the prior Administration and presenting two clear paths forward: raise revenue from the wealthiest New Yorkers and most profitable corporations and end the drain of City resources to the State \u2014 or balance the budget on the backs of working and middle class New Yorkers.<\/p>\n

\u201cThere are two paths to bridge the city\u2019s inherited budget gap. The first path is the most sustainable and fairest: raising taxes on the wealthiest and\u00a0corporations, and\u00a0ending the drain by fixing the imbalance between what the City provides the State and what we receive in return,\u201d said\u00a0Mayor Zohran Mamdani.\u00a0\u201cIf we do not go down the first path, the City will be forced to go down a second, more harmful path of property taxes and raiding our reserves \u2014 weakening our long-term fiscal footing and placing the onus for resolving this crisis on the backs of working and middle-class New Yorkers. We do not want to have to turn to such drastic measures to balance our budget. But, faced with no other choice, we will be forced to.\u201d<\/p>\n

Upon taking office, the Mamdani Administration identified a pattern of underbudgeted essential services, including rental\u00a0assistance, shelter operations and special education \u2014 that widened projected gaps\u00a0stated\u00a0in the November 2025 Financial Plan Update to\u00a0roughly $12 billion across FY 2026 and FY 2027. To restore transparency and stability, the Mamdani Administration launched aggressive new savings initiatives, maximized the use of in-year reserves and incorporated updated revenues. Through Executive Order 12, Mayor Mamdani is requiring every city agency to\u00a0designate\u00a0a Chief Savings Officer (CSO) to\u00a0identify recurring efficiencies. These savings initiatives are projected to save $1.77 billion across the two fiscal years.<\/p>\n

After applying savings, revenue adjustments driven by an upward revision of $7.3 billion in tax revenue, and State support \u2014 including $1.5 billion in from Governor Kathy Hochul and an\u00a0additional\u00a0$97 million in Foundation Aid \u2014 the\u00a0City\u00a0faced a remaining two-year gap of $5.4 billion. The Mamdani Administration\u2019s preferred solution is recurring revenue: increasing personal income taxes on New Yorkers earning more than $1 million annually and raising taxes on the most profitable corporations, while recalibrating the City\u2019s long-imbalanced fiscal relationship with the State.<\/p>\n

Absent new revenue authority, the City will be forced to use the only tools currently available to increase revenue and fill this gap: property taxes and the use of reserves. The $127 billion FY 2027 Preliminary Budget assumes a 9.5 percent property tax rate increase \u2014 generating $3.7 billion in FY 2027. The City also applied $980 million from the city\u2019s Rainy Day Reserve Fund in FY 2026 and $229 million from the Retiree Health Benefit Trust in FY 2027\u00a0in order to\u00a0balance the budget as legally required.<\/p>\n

Of $14 billion in city-funded agency expense changes across the two fiscal years, the vast majority fills underbudgeted needs. Roughly 4 percent \u2013 $576 million \u2013 supports targeted investments, including: $100 million in FY 2026 for snow removal; $5 million in FY 2026 for warming centers and shelter connections for homeless New Yorkers; $11.9 million in FY 2027 for new Street Health Outreach & Wellness (SHOW) mobile units and a new Bridge to Home site for people living with severe mental illness; $5.3 million in FY 2026 and $38 million in FY27 for 200 new attorneys and 100 support staff to reduce tort liability and advance affordability efforts; and more than tripling baseline funding for HRA\u2019s Community Food Connection program with an addition of $54 million in FY 2027. The Preliminary Five-Year Capital Plan totals $113 billion in all-funds and includes $662 million in FY 2027 to modernize and preserve more than 3,200 affordable housing units and $48.2 million starting in FY 2027 to fully fund the renovation and expansion of Bellevue\u2019s Adult Comprehensive Psychiatric Emergency Program.<\/p>\n

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\"NYC\"<\/a><\/p>\n

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Featured image credit: DepositPhotos.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Today,\u202fMayor Zohran Mamdani released the Fiscal Year (FY) 2027 Preliminary Budget, outlining the scope of a fiscal crisis…\n","protected":false},"author":2,"featured_media":140291,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[128,9,24,63,129,131,130],"class_list":{"0":"post-140290","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-the-bronx","8":"tag-bronx","9":"tag-new-york","10":"tag-new-york-city","11":"tag-nyc","12":"tag-the-bronx","13":"tag-the-bronx-headlines","14":"tag-the-bronx-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/140290","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=140290"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/140290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/140291"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=140290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=140290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=140290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}