Testimony on Hearing on the November Budget Modification
In testimony delivered to the New York City Council Finance Committee, Senior Fellow George Sweeting analyzed the Adams administration’s deep November budget modifications in response to continued high costs of serving newly arrived migrants. Sweeting noted that while the modifications make it clear the city is facing tough fiscal times in the next few years, the city has a history of overcoming such fiscal challenges and. He pointed to brighter than expected economic forecasts and City tax collections that should inform current budget modifications. Sweeting urged lawmakers to use all of the tools at its disposal: carefully chosen budget cuts; drawing down some of our reserves; lobbying state and federal partners for assistance; spending wisely; and considering tax increases.