Today CBC sent a letter urging Mayor Adams and Speaker Adams to adopt a fiscal year 2024 budget that not only provides critical services to New Yorkers in the upcoming year but stabilizes the City’s precarious fiscal and service outlook. 

CBC recommends the City adopt a budget that:

1. Narrows future budget gaps; 
2. Reduces future fiscal cliffs by including spending for ongoing programs in the outyears; 
3. Offsets all added spending for recurring activities with savings elsewhere in each year of the financial plan; 
4. Includes realistic annual spending estimates for all functions, including uniformed overtime and special education; and 
5. Deposits at least half of any additional fiscal year 2023 resources into the Rainy Day Fund. 

Significant funds are available in the short-term, but future budget gaps are huge, growing from $7.5 billion in fiscal year 2025 to $10.7 billion in fiscal year 2027, including those reported in the Executive Budget plus the cost of continuing ongoing programs facing fiscal cliffs and realistic spending for underbudgeted activities.  

The burgeoning habit of funding major programs one year at a time—fiscal cliff creation—is effectively putting the budget dance of years’ past on steroids, potentially creating massive annual service crises. Funds for recurring programs should be added to each year of the financial plan and the additional spending offset with savings elsewhere. While revenue estimates may be conservative, the downside risk is real, and budgeting based on the assumption that revenue surges will wipe out the City’s massive budget plays chicken with New Yorkers’ future.

CBC urges the Mayor and Speaker to take these steps which will help New Yorkers thrive now and in the future.