May 29, 2025
City anticipated to see moderately increased revenues, even as slower economic growth is expected due to greater uncertainty from federal economic and tariff policies that elevated consumer price pressures, and paused interest rate reductions
City Hall, NY – Ahead of the New York City Council’s final hearing on the Mayor’s Fiscal Year 2026 (FY26) Executive Budget with the Office of Management and Budget (OMB), the Council released its May 2025 Economic and Tax Revenue Forecast that estimates the City will collect $1.7 billion more in tax revenues for Fiscal Years (FYs) 2025 and 2026 than OMB estimated in its FY26 Executive Budget. …
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NYC Council’s Economic Forecast Projects City to Receive $1.7 Billion More in Tax Revenues than Recognized by Mayor’s Office of Management and Budget for Fiscal Years 2025 and 2026
City anticipated to see moderately increased revenues, even as slower economic growth is expected due to greater uncertainty from federal economic and tariff policies that elevated consumer price pressures, and paused interest rate reductions
City Hall, NY – Ahead of the New York City Council’s final hearing on the Mayor’s Fiscal Year 2026 (FY26) Executive Budget with the Office of Management and Budget (OMB), the Council released its May 2025 Economic and Tax Revenue Forecast that estimates the City will collect $1.7 billion more in tax revenues for Fiscal Years (FYs) 2025 and 2026 than OMB estimated in its FY26 Executive Budget.
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