The projection released Thursday by State Comptroller Thomas DiNapoli far exceeds the city Office of Management and Budget prediction of a deficit growing to $6.5 billion over the next four years.
, but his budget director said additional cost-cutting measures are on the way to help pay for key items like the open labor contracts.
“The City must take care to balance any additional savings made through staffing changes with the risk of deteriorating core services and timely aid to those in need, which are fundamental to its economic recovery,” the report reads. One area the city will continue to spend is on schools, after a law signed by Gov. Kathy Hochul last year mandating fewer kids per classroom across the five boroughs will boost Department of Education spending by at least $1.3 billion annually, according to DiNapoli.
The state’s class reduction goal will also require the DOE to hire 7,000 extra teachers, despite staffing shortages and lower student enrollment numbers. “In the Fiscal Year 2024 Preliminary Budget, Mayor Adams continued his strong track record of responsible fiscal stewardship, which is especially necessary in light of the ongoing fiscal and economic headwinds facing the city. Since June, the city has achieved more than $3 billion in savings over Fiscal Years 2023 and 2024 without laying off a single employee or reducing service levels,” mayoral spokesman Jonah Allon said in a statement.
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