{"id":40657,"date":"2026-06-12T18:55:50","date_gmt":"2026-06-12T18:55:50","guid":{"rendered":"https:\/\/www.vosa.tv\/eng\/?p=40657"},"modified":"2026-06-12T18:55:50","modified_gmt":"2026-06-12T18:55:50","slug":"as-budget-deadline-nears-comptroller-levine-urges-focus-on-projected-8-8-billion-fy-2028-budget-gap","status":"publish","type":"post","link":"https:\/\/www.vosa.tv\/eng\/archives\/40657","title":{"rendered":"As budget deadline nears, Comptroller Levine urges focus on projected $8.8 billion FY 2028 budget gap"},"content":{"rendered":"<p><strong>NEWYORK: New York City Comptroller Mark Levine today\u00a0released\u00a0his analysis of the FY 2027\u00a0Executive Budget,\u00a0including updated revenue estimates,\u00a0ahead of his testimony before the City Council on\u00a0the\u00a0City\u2019s\u00a0spending plan.\u00a0<\/strong><\/p>\n<p>In\u00a0his\u00a0testimony\u00a0summarizing\u00a0the\u00a0report\u2019s key findings,\u00a0the Comptroller\u00a0commends\u00a0the administration for balancing a budget without raising property taxes or drawing down the rainy-day fund\u00a0\u2014\u00a0outcomes made\u00a0possible thanks to\u00a0strong revenue from Wall Street,\u00a0support from Albany,\u00a0and efficiencies and savings proposed by the Mayor.<\/p>\n<p>However,\u00a0the Comptroller\u00a0warns\u00a0that\u00a0the budget\u00a0also\u00a0relies on\u00a0one-shot\u00a0measures,\u00a0and\u00a0serious\u00a0underlying fiscal\u00a0challenges\u00a0remain.<\/p>\n<p>His analysis\u00a0projects\u00a0an\u00a0$8.8 billion budget gap in FY 2028,\u00a0exceeding\u00a0the $7.1 billion\u00a0forecast\u00a0in the\u00a0May Financial Plan, even\u00a0absent an economic downturn.<\/p>\n<p>\u201cWhen we plug in our tax forecast and our estimates of underbudgeted costs and unmet program needs, including overtime and childcare vouchers, the FY 2028 gap widens to a\u00a0daunting\u00a0$8.8 billion. We will\u00a0face that gap without the option of the many one-shot measures that we used up this year,\u201d\u00a0Comptroller Levine\u00a0said.<\/p>\n<p>In his testimony,<strong>\u00a0<\/strong>the Comptroller\u00a0calls\u00a0for\u00a0a Charter amendment\u00a0establishing\u00a0formal rules for the\u00a0Rainy\u00a0Day\u00a0Fund: a 16% target of tax revenues with a 10% floor, a deposit formula when revenues exceed trend, and clear, narrow criteria for withdrawals.\u00a0New York City\u2019s\u00a0Rainy Day\u00a0Fund\u00a0currently has few parameters for making regular deposits or when\u00a0reserves can be withdrawn, a departure from other major cities.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEWYORK: New York City Comptroller Mark Levine today\u00a0released\u00a0his analysis of the FY 2027\u00a0Executive Budget,\u00a0including updated revenue estimates,\u00a0ahead of his testimony before the City Council on\u00a0the\u00a0City\u2019s\u00a0spending plan.\u00a0 In\u00a0his\u00a0testimony\u00a0summarizing\u00a0the\u00a0report\u2019s key findings,\u00a0the Comptroller\u00a0commends\u00a0the administration for balancing a budget without raising property taxes or drawing down the rainy-day fund\u00a0\u2014\u00a0outcomes made\u00a0possible thanks to\u00a0strong revenue from Wall Street,\u00a0support from Albany,\u00a0and efficiencies [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":40153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1469,31,1378],"tags":[],"class_list":["post-40657","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\/40657","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=40657"}],"version-history":[{"count":1,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40657\/revisions"}],"predecessor-version":[{"id":40658,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40657\/revisions\/40658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media\/40153"}],"wp:attachment":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media?parent=40657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/categories?post=40657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/tags?post=40657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}