Roughly 30% of Mayor Eric Adams’ latest round of budget cuts could “substantially impact” New Yorkers’ lives, a report released Thursday by the city’s Independent Budget Office (IBO) revealed.
The report analyzes the impact of the mayor’s move to slash 5% from every city agency’s budget as his administration says it is staring down a projected $7.1 billion budget deficit over the next fiscal year — Fiscal Year 2025. The IBO, however, argues that the gap is likely to be $1.8 billion, $5.3 billion less than the projection from the mayor’s office.
