New York Mayor Proposes $114.5 Billion Budget

Mayor Eric Adams unveiled a $114.5 billion budget for the 2026 fiscal year, marking an increase of over $2 billion from the previous budget, with a focus on social services, public safety, and mental health. This proposal comes amid a backdrop of reduced spending on migrant services, with the city managing to lower its migrant shelter population significantly, which has helped ease financial pressures. The budget includes $554 million earmarked for new homeless shelter funding, addressing a rise in non-asylum seekers. Adams highlighted the robust economy and increased tax revenues as factors contributing to this budget growth, while also expressing concerns about potential federal policy changes affecting the city. The proposed budget requires City Council approval and initiates discussions for the upcoming fiscal year starting July 1. Despite the optimistic outlook, uncertainties remain regarding revenue streams and potential cost overruns, especially in areas like police overtime.