{"id":40459,"date":"2026-05-15T14:37:35","date_gmt":"2026-05-15T14:37:35","guid":{"rendered":"https:\/\/www.vosa.tv\/eng\/?p=40459"},"modified":"2026-05-15T14:37:35","modified_gmt":"2026-05-15T14:37:35","slug":"mayor-zohran-mamdani-releases-124-7-billion-executive-budget-for-fiscal-year-2027","status":"publish","type":"post","link":"https:\/\/www.vosa.tv\/eng\/archives\/40459","title":{"rendered":"Mayor Zohran Mamdani releases $124.7 billion executive budget for fiscal year 2027"},"content":{"rendered":"

NEWYORK: Mayor Zohran Kwame Mamdani released the $124.7 billion fiscal year (FY) 2027 executive budget, putting New York City on firm financial footing while protecting the services working people rely on.<\/strong><\/p>\n

Through strong fiscal management, Mayor Mamdani balanced the budget through a combination of aggressive savings, new tax revenue, partnership with Albany and critical new investments in the needs of working class New Yorkers.<\/p>\n

The budget is balanced without raising property taxes, slashing services or drawing down the City\u2019s Rainy Day or Retiree Health Benefit Trust reserves and makes the largest City capital commitment to NYCHA in recent history.<\/p>\n

\u201cFor too long, working New Yorkers have been told that austerity was the answer to adversity,\u201d said\u00a0Mayor Mamdani.<\/p>\n

\u201cThis budget rejects that failed politics. We are restoring fiscal stability without slashing the services people depend on, without raising property taxes and without asking working families to pay for a crisis they did not create. Instead, we are making government work for the people of this city: securing support from Albany and taxing the rich so we can invest in housing, safety, child care, parks, libraries and the public goods that make New York the greatest city in the world.\u201d<\/p>\n

Mayor Mamdani inherited budget gaps larger than those seen during the Great Recession. Both the City and State Comptrollers agreed the prior administration had substantially underbudgeted core City services and obligations, increasing budget gaps to more than $12 billion.<\/p>\n

As part of the administration\u2019s efforts to restore fiscal transparency and public excellence to City government, the Mayor ordered every agency to appoint a Chief Savings Officer. Through this effort, the administration achieved $1.77 billion in gap-closing savings across Fiscal Years 2026 and 2027.<\/p>\n

The Mayor identified an additional $1.2 billion in savings by addressing systemic inefficiencies in critical programs, including improving access for special education students, reaching class size compliance and strengthening CityFHEPS.<\/p>\n

The City will also create a more predictable debt payment schedule, resulting in $1.64 billion in savings in Fiscal Year 2027 alone without impacting retirees, their benefits or current and future employee benefits.<\/p>\n

Thanks to Governor Kathy Hochul, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie, the City secured an additional $4 billion in state support and actions to help stabilize the budget. That includes $352 million in direct aid, $3.2 billion in state authorizations \u2014 including pension liability restructuring and class size flexibility mentioned above \u2014 and $500 million in new revenue through a pied-\u00e0-terre tax on second homes valued above $5 million.<\/p>\n

In addition to the pied-\u00e0-terre-tax, the Mayor will work with Speaker Julie Menin and the City Council on their proposal to reduce the UBT tax credit, which overwhelmingly benefits millionaires. Reducing the UBT tax credit will raise an additional $68 million.<\/p>\n

The Mayor also made critical investments to reduce the cost of living, strengthen public services, improve public safety, expand worker protections and support the health and well-being of New Yorkers across all five boroughs.<\/p>\n","protected":false},"excerpt":{"rendered":"

NEWYORK: Mayor Zohran Kwame Mamdani released the $124.7 billion fiscal year (FY) 2027 executive budget, putting New York City on firm financial footing while protecting the services working people rely on. Through strong fiscal management, Mayor Mamdani balanced the budget through a combination of aggressive savings, new tax revenue, partnership with Albany and critical new […]<\/p>\n","protected":false},"author":5,"featured_media":40457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1469,31,1378],"tags":[],"class_list":["post-40459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-news","category-us"],"_links":{"self":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/comments?post=40459"}],"version-history":[{"count":1,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40459\/revisions"}],"predecessor-version":[{"id":40460,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40459\/revisions\/40460"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media\/40457"}],"wp:attachment":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media?parent=40459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/categories?post=40459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/tags?post=40459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}