NYC faces a potential fiscal cliff with a nearly $10B deficit by 2026

Total revenue is expected to decline by $10.5 billion in fiscal year 2023, according to a new report titled “Review of the Financial Plan of the City of New York.”

The city’s fiscal position “significantly improved” last year, the report added, but that was due to several one-time factors, including higher than expected tax revenue, extraordinary federal COVID relief aid, and record pension returns due to the stock market’s gains. Many of those factors have begun to reverse, the comptroller said.

“While the City’s published gaps are manageable by historical standards…these factors may create risks that worsen the City’s budgetary volatility substantially and could put the City on a path to structural budgetary imbalance if left unaddressed,” the report said.

New York City Mayor Eric Adams said during a press conference on Monday that the city is getting ready to “enter a financial typhoon.”

“If I don’t make the smart decisions now, am I going to wait until we’re at the cliff or…

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