Mayor Zohran Mamdani’s first executive budget proposal pulls off what seems to be a fiscal miracle by closing what in December was projected to be a huge $12 billion budget gap without raising property taxes, dipping into reserves or cutting services.
But the budget is hardly a symbol of fiscal rectitude. It relies on billions of dollars in one-shot or short-term money to fund permanent programs, it stretches out pension payments so the next generation will pay for the retirements of present-day workers and it projects a $7 billion deficit for the 2028 fiscal year that will need to be closed just one year from now.
One sign of the problem: The mayor did not mention the deficits in future budgets in his presentation Tuesday of the $124.7 billion budget. Fiscal experts say they do not remember a time when a mayor didn’t acknowledge future year problems…