"The mayor's remarks followed a recent analysis by City Comptroller Mark Levine, who warned that the city faces multibillion-dollar gaps in the coming fiscal years, driven largely by expenses that were never fully funded in prior budgets. This crisis has a name, Mamdani said, calling it the Adams budget crisis, and accusing the former mayor of choosing political self-preservation over fiscal responsibility."
"He argued that Adams knowingly understated expenses so he could claim fiscal year 2026 was balanced, leaving behind what Mamdani described as a $3 billion hole in that year alone. While the comptroller's report laid out the numbers in technical terms, Mamdani used the opening of the press conference to place them in a broader political and historical context. He said his administration's early internal review aligns with the comptroller's findings,"
Zohran Mamdani opened his first budget season by accusing predecessor Eric Adams of fiscal negligence that created a $12 billion hole in city finances. Mamdani charged that Adams deliberately underbudgeted recurring costs to make final financial plans appear balanced, which left a $3 billion shortfall in fiscal year 2026. City Comptroller Mark Levine warned of multibillion-dollar gaps driven by expenses that were never fully funded in prior budgets. Mamdani said his administration's early internal review aligns with the comptroller's findings and shows projected budget gaps roughly double those published by the previous administration, producing deficits larger than those seen during the Great Recession and signaling severe fiscal pressure ahead.
Read at www.amny.com
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