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Posted on 03/23/2026 3:09:26 PM PDT by DFG
Comptroller Mark Levine said Mayor Zohran Mamdani’s plan to draw down $1.2 billion in reserves to balance the budget could make things even worse for taxpayers when it’s time to cook up next year’s spending plan.
“You do not want to be draining the reserves when the economy is otherwise good,” Levine said Sunday on CBS 2 New York’s “The Point with Marcia Kramer.”
Raiding $1.2 billion next year and $2.6 billion over the next two years as the Mamdani administration plans would leave the city flatfooted if the economy goes south.
“It’s going to leave us more vulnerable next year … This is not a year to be draining our reserves,” Levine said.
He said the unknown impact of the Iran war also has to be taken into account.
Emergency funds should be used as a last resort during a real financial crisis such as a recession, a pandemic or another catastrophe, he said.
Levine also said the bond credit rating agencies issuing a “negative outlook” on the city’s finances — partly citing concerns about tapping into emergency reserves — is a warning sign that the mayor and City Council need to get the budget under control.
Mamdani’s preliminary $127 billion spending plan projects a $5.4 billion deficit that must be closed. He has proposed closing most of it through tax hikes, not spending cuts.
Levine projects the deficit at $6.5 billion — and he said part of the solution should be spending less.
“We’re spending more than we’re taking in … We’re going to have to find more efficiencies throughout the agencies of city government,” he said.
(Excerpt) Read more at nypost.com ...
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NYC will go bankrupt (again) very soon with this clown 🤡
Communist: Does this do harm?
Honest person with expertise: After studying the matter carefully, I can say Yes, it does a lot of harm.
Communist: Oh thank God!
Other Communist: *blam* - shoots Communist for not being atheist enough
Bond ratings for New York, Chicago, Atlanta, LA, Baltimore, must be awful. If they are not, everything is in trouble.
Mamdani COULD HAVE saved this day for headlines pertaining only to the airplane accident at LGA instead of talking about his favorite and only subject- taking more from New Yorkers. But hey they don’t seem to mind. If it were guiliani they’d be screaming against him Different standards
Who’s tacking bets on the exact date of his recall?
Oh well.
Rush: “90% of NYC is funded by 18k people”
You loose one, you are in serious trouble.
Many are leaving for good.
“…Mamdani administration plans would leave the city flatfooted if the economy goes south.”
How Freudian! That’s exactly where the free remaining productive, tax-paying citizens of NYC are going!
Few remaining, not free remaining
IMNSHO, the government shouldn’t be taxing the people so much that it has excess revenues.
One last round of plunder.
I would bet $1000 he and his family are Muslim Brotherhood agents.
But who brought them to the USA and installed them in their respective positions though?
Hakeem says the economy sucks. Raid the funds.
I’m enjoying the Mamdani Show.
NYC voted for this. I don’t think they will learn anything from this.
This dude is the bearer of bad news. I wonder what sort of job security he has. He might get the ax for criticizing Mamdani in this manner.
Yes and no. Democrats in Congress will just increase the (already large) Fed.gov funding to blue-state/city governments and expansive welfare programs.
It will all end up in higher Fed.gov deficits and ever-growing debt
CUT SPENDING !!!!!!!!!!!!!!!!!!!!
New York City has a bigger budget than the state of Florida. Run by a nepo baby muzzie who never had a job.
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