Speaker Menon presents Council's updated revenue forecast
Speaker Menon releases the Council's updated revenue forecast showing nearly $2 billion more tax revenue than OMB in FY26-27, a manageable $2.5 billion FY28 gap, and calls for funding Fair Fares, parks, NYC Kids Rise, FDNY fifth firefighter, and DCWP.
Council staff has spent countless hours analyzing this financial plan and the underpinning economic assumptions that drive your revenue forecast.
As with every economic forecast, slight variations in assumptions can lead to differing revenue projections.
Today,
My office released the Council's updated revenue forecast for its fiscal 2026 through 2030.
The Council's economic outlook foresees steady growth with a slight improvement from the March forecast.
As a result of this improved outlook and stronger than predicted current year collections, the Council's revenue forecast now includes nearly $2 billion more tax revenue than OMB in fiscal 2026 and 2027.
The Council's updated forecast also shows that once you adjust for the in-year reserves, the fiscal 2028 gap falls from over $7 billion to about $2.5 billion in manageable gap.
With these additional funds, as well as the additional proposals presented in our budget response that were not included in the executive plan, the Council and the administration can agree to fund many programs for the
success, health, and safety of all New Yorkers, including the expansion of the Fair Fares program, which has been a top priority for the Council, bringing the parks budget in line with historical spending,
implementing an expansion to the New York City Kids Rise program, the allocation of funding allowing the FDNY to reinstate the fifth firefighter,
increased funding for the Department of Consumer and Worker Protection, increased funding for the Department of Investigations and other priorities.