Adams warned about a perfect storm of fiscal challenges ahead for the city.
New York City Mayor Eric Adams released details of his $103 billion proposed budget for the fiscal year that begins in July. Sonia Rincón has the story.New York City Mayor Eric Adams released details of his $103 billion proposed budget for the fiscal year that begins in July.Adams' proposal keeps spending for city agencies mostly flat, but some members of the City Council claim it will lead to cuts in essential services.
The city's libraries are bracing for major cuts to programs, with losses of as much as $20 million in fiscal year '24. The tough times, the mayor argued, are driven by, among other things, a major drop in commercial property tax revenue -- no thanks to vacant offices. "Fifty-two percent of our taxes are paid by 2% of New Yorkers," Adams said. "And those tax dollars by those 2% of high income earners are putting cops on our street, paving our highways, our schools, museums."
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