New York City could be facing tough financial decisions in the coming years with budget shortfalls being forecasted.
The city comptroller’s office predicts a 869 million dollar budget shortfall for fiscal Year 2023 and then a much bigger 6.4 billion dollar budget gap the following year. the office points to inflation, high interest rates and other factors. State Comptroller Thomas DiNapoli says it could get even worse.
“The city’s estimate while reasonable does not take into account a possibility of a recession. Federal relief aid is also winding down.”
The city’s finances were discussed at the state Financial Control Board’s annual meeting. New York City Mayor Eric Adams says he’s already cut the city workforce and will continue to do so in order to achieve savings.