Independent Budget Office projects additional $2B budget surplus for this year and next over Mayor’s forecast

The city’s Independent Budget Office on Wednesday projected that the Big Apple will have $2.2 billion more in available funds this fiscal year and next than what was predicted by Mayor Eric Adams’ administration in its executive budget last month.

In a new IBO report, released May 15, the office estimated a $5.1 billion surplus for the current fiscal year ending June 30, 2024, which is $1.1 billion higher than the $3.9 billion forecasted by the Mayor’s Office of Management and Budget (OMB). The budget watchdog had the same prediction of an additional $1.1 billion for Fiscal Year 2025 as well.