NYC budget: City Council again predicts substantially higher tax revenue than Mayor’s office

As negotiations over the Fiscal Year 2025 budget enter the home stretch, the City Council on Tuesday released new projections that the Big Apple will bring in an additional $1.1 billion in revenue over this year and the next on top of what was predicted by Mayor Eric Adams’ budget office.

The council’s newest projections continue the trend of the city’s legislature more quickly estimating higher revenue than the mayor’s budget office will immediately recognize. It follows the council earlier this year predicting $3.3 billion more in revenue than the mayor’s budget office in January.