Chair Lee summarizes Council's tax revenue forecast and economic outlook

Great, thank you, Speaker.

So yesterday the Council released, as the Speaker just mentioned, our economic and tax forecast for the FY27 executive budget.

And New York City's economy continues to show resilience with higher tax revenues than projected over FY26 and 27, even though our economic growth continues.

to lag below our long-run average.

The City Council's tax revenue forecast remains largely the same as our previous forecast this past March, with shifts in the timing of revenues.

We project that the city will collect a total of nearly $2 billion more in tax revenue in the current and next fiscal years than OMB has projected in their May plan combined,

driven by stronger personal income tax revenue growth and higher collections in property, personal income tax, and unincorporated business taxes.

Additionally, we project $1.5 billion greater tax revenue collection in FY27, $3.1 billion in FY28, and $4.1 billion in FY29, and $4.9 in FY30.

The Council sees tax revenue set to grow at an average of 4.3% annually through the forecast period, which while trending the right way, remains below the 5.5% annual growth the City saw in the prior decade.

The Council remains optimistic in the City's financial outlook, and we will continue to ensure that we are using every resource we have on hand to improve the lives of New Yorkers.

We continue to have what we need to preserve the cornerstones and lifelines of our city and to protect the essential services that keep New Yorkers on their feet.

The more we invest in our fellow New Yorkers, the more our city will get back.

And I look forward to seeing how our discussion today can help guide us towards discussions and decisions that improve the lives of New Yorkers.

And I have to say this PSA before every hearing, which is that we are going to take public testimony for all.

all agencies on the executive budget tomorrow, Wednesday, June 10th, beginning at 9.30.

So we're going to go all day, which includes testimony for all the different agencies.

So please join us tomorrow.

Make sure you sign up.

Tell your community members to sign up for public testimony at 9.30 a.m.

So we will see you all then.

And I will now turn it over to Brian Sarfo, our committee counsel, to swear in the witnesses.