Mamdani’s $126B budget soars nearly 10% from last year, leaving NYC on verge of fiscal crisis

NY Post ^ | 6/30/26 | Craig McCarthy, Matthew Fischetti, Matt Troutman

[Libloather]

Zo’s busting the budget.

Mayor Zohran Mamdani’s inaugural, record-breaking nearly $126 billion budget passed late Tuesday — growing city spending by more than $10 billion from last year despite his past dire warnings about the Big Apple’s financial situation.

The under-the-wire vote by the City Council came just hours before a Wednesday deadline and after frantic last-minute attempts to drum up votes for a spending deal that disappointed lefties and moderates alike.

The budget, which includes no significant cuts, ballooned from last year’s roughly $116 billion spending plan, for an approximate 8.5% increase. It passed 45-6, largely on party lines.

And while the democratic socialist mayor managed to balance the budget, City Comptroller Mark Levine noted that he only did so by using $6.1 billion in one-time tricks and short-term savings.

“This agreement gets the city through an exceptionally difficult year, but it does not resolve the structural challenges ahead,” Levine said.

“With large out-year gaps, limited reserves and significant economic uncertainty, next year’s budget could be even more difficult.”

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TOPICS: Business/Economy; Conspiracy; History; Local News
KEYWORDS: budget; crisis; fiscal; madmani

[Vaduz]

Growing city spending by more than $10 billion

The price of free things in action comrades

[dfwgator]

Crashing by Design

[Army Air Corps]

I just had a flashback to the 1970s...

[Democrat = party of treason]

Pretty sure that if you are one of the “haves” in NYC, there is no time like NOW to get the hell out...

[PGR88]

Next Democrat in power will do another “stimulus,” “invest-in-our-future fund” or a similarly-named mass transfer of printed money and Fed.gov debt, which will top-up all leftist woke cities and their bloated, corrupt, political bureaucracies

[EinNYC]

I hope this does not adversely affect municipal retirees’ pensions or healthcare. They worked for 30, 40, even 50 years building NYC and deserve their pensions and healthcare.

[ChronicMA]

how was the 1970s NYC budget crisis resolved?

strict budget cuts
debt restructuring
external financial support
inflation‑driven revenue gains
economic recovery

the high inflation of the Carter years reduced the real value of the debt by a large amount

in other words NYC got lucky

they may not get lucky this time

[catnipman]

this is nothing compared to the budget “crisis” when NYC forces owners to abandon hundreds of disintegrating apartment buildings to the “care” of NYC, costing hundreds of billions of non-existent government dollars for repairs ...

[Army Air Corps]

I agree completely. In fact, I will go so far as to say that they are not likely to be so fortunate this time.