At the same time, the city’s tax revenues are in a precarious state. Projections for property taxes, traditionally the largest and most stable source of revenue, have fallen by $2.5 billion since the start of the pandemic. And while that decrease was offset by increased corporate and personal income taxes this year — the result of unemployment insurance, federal aid and a blockbuster year for Wall Street — those sources of cash are more volatile, rising and falling with the broader economy.

“You’ll see a lot of good money funding these programs, but virtually no steps taken to address the long-term budget problem,” said Andrew Rein, executive director of the Citizens Budget Commission. “All this federal money gave us the runway to do things smartly. Instead, the next mayor is going to have to deal with it.”