New York State Comptroller Thomas P. DiNapoli released the following statement on New York City's Fiscal Year (FY) 2026 Executive Budget: 

“New York City’s proposed budget released today increases anticipated spending to more than $118 billion in FY 2026, fueled by about $1.7 billion in additional spending to maintain current service levels for students, seniors, parks, sanitation, and healthcare given recent demand. 

“The additional spending is partly funded by a $3.1 billion increase to revenue collections projected before the end of FY 2026, a substantial increase from January’s projection. If a recession occurs, these higher collections may be at risk, which could jeopardize services. 

“Further uncertainty clouds the city’s revenue and expense forecasting. In addition to rising recession risk, the city has not changed its assumptions for the receipt of federal funding to reflect the potential impact of recent federal actions, as many of these actions are litigated, leaving it vulnerable to choices made in Washington. The FY 2026 budget also does not reflect higher-than-anticipated health insurance costs and oft-cited recurring budget risks, such as overtime, cash supports and rental assistance. 

“New York City needs to face the current fiscal reality: uncertainty in the economy, federal funding policy shifts and a possible increase in costs. Realistic revenue and spending projections and increasing contingencies or reserves are essential. That way, the city will be prepared if stronger than projected results, particularly for revenues, do not materialize, and will have a larger cushion to absorb potential volatility.”