City Council predicts $3.3B in additional revenue, says it’s enough to reverse Mayor’s budget cuts

The City Council estimates the city will rake in $3.3 billion in additional revenue for the current fiscal year and the next over what was projected by Mayor Eric Adams’ administration in January, money its leaders say must be used to reverse recent deep budget cuts.

In its latest economic forecast, obtained by amNewYork Metro, the council also predicts the higher revenue means the city will have a budget surplus of $1.32 billion for the current fiscal year ending June 30, 2024, and $3.53 billion for fiscal year 2025.