Speaker Menon delivers opening remarks on executive budget progress
Speaker Menon thanks the finance team, welcomes OMB Director Solomon, and notes the executive budget no longer includes a property tax increase or reserve drawdown, incorporating over 20 council recommendations from its budget response.
Before I go any further, I want to invite Speaker Menon to give her opening remarks.
Thank you so much, Shirley.
And first of all, I want to also thank our incredible council finance team who has logged in such long, hard, dedicated hours.
We have an unbelievable team, and I just want to thank each and every one of you for your amazing work.
So good morning, everyone, and we want to welcome you, Director Solomon, and your whole team to be here today on the penultimate day of the hearings on the administration's proposed 124.7.
billion executive budget for fiscal year 2027.
Nearly two and a half months ago, when you were last before this committee, we mentioned a number of issues that the council had with the preliminary plan that had been presented to the council.
I was very clear that the idea of increasing taxes for all New York property owners was not something this council was willing to consider.
Additionally, we pointed out to you how detrimental to the city's financial stability drawing down annual reserve funds would be.
Today, I want to thank you for taking those concerns seriously.
The executive plan no longer includes revenues from an assumed increase in the property tax, nor does it draw down on the annual reserves.
Additionally, the council wants to thank you for taking the council's response to the preliminary plan seriously.
I note that the current plan includes over 20 of the recommendations the council presented in our budget response,
providing alternative resources rather than tapping reserve funds or increasing property taxes for all New Yorkers.
We hope that the administration's acceptance of so many of our proposals is an indication of how budget adoption can be achieved.