NYC Mayor Eric Adams faces budget challenges and seeks state assistance.
TL;DR Summary
NYC's budget will reach a record-breaking $106.7 billion in 2024 due to the surging migrant crisis, inflation, and new labor deals. The increase in spending will be offset by $1 billion in state grants and higher-than-expected tax receipts. However, the financial burden of sheltering migrants looms large, with the city's new three-year cost estimate projected to be $5.3 billion by 2025. The biggest financial challenge is how to pay for new labor contracts due to the city government's nearly 328,000 person-strong workforce, most of whom are working without contracts.
- NYC budget will surge to record $106.7 billion in 2024: Adams New York Post
- Mayor Adams hoping for state help digging out of city budget hole CBS New York
- Eric Adams Wants to Destroy the Only Thing Holding My Weekends Together – Mother Jones Mother Jones
- N.Y.C. Libraries Stave Off Sunday Closings in Adams's New Budget Plan The New York Times
- Budgeting in the blind: Mayor Adams can't make a real spending plan because the Albany gang can't do a state budget New York Daily News
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