The Citizens Budget Commission, a nonpartisan fiscal watchdog, said Monday that while New York City’s November 2025 Financial Plan Update shows stronger-than-expected revenue, significant spending gaps remain that Mayor-elect Zohran Mamdani will inherit in January.
The update that Mayor Eric Adams released on Nov. 17 raises the city’s fiscal year 2026 budget by more than $2 billion to $118.2 billion, up from $115.9 billion adopted in June, and includes $419 million in additional revenue, largely from higher-than-expected personal income taxes.
