New York City’s financial outlook may be worse than city officials think, with budget gaps expected to reach an average of $12.6 billion annually in a few years, state Comptroller Thomas DiNapoli said in a new report Tuesday.
New York City Mayor Eric Adams (D) has called for budget cuts across city agencies, after projecting a deficit of $7.1 billion in fiscal 2025 because of increased costs related to the migrant crisis. The city expects the shortfalls to continue in later years, reaching $6.5 billion in fiscal 2026 and $6.4 billion in fiscal 2027.
But DiNapoli’s new report warned those ...
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