NYC’s FY 2024 Preliminary Budget Lacks Actions for Future Budget Stabilization

According to the January 12th statement by the President of the Citizens Budget Commission (CBC), Mayor Adams’ Fiscal Year 2024 Preliminary Budget does not take the aggressive action needed to “stabilize future budgets, hedge against a looming recession, and improve the quality and efficiency of services.” While it takes some positive steps, this budget does not add to the Rainy Day Fund or “mitigate the fiscal cliffs created by using Federal COVID and non-recurring City funds to support ongoing services; and described in the CBC President’s statement as “the tale of two time periods, with reasonably ample resources now to help balance the budget but significant gaps and risks in the future.”