FY2027 Preliminary Budget

    Mayor Mamdani's first budget: $127 billion all-funds, $94 billion in agency spending. 96% of new dollars went to plugging inherited gaps.

    Total Budget

    $127B

    All funds FY2027 · up from $124.6B in FY2026

    Agency Spending

    $94B

    Operating agencies · $33B to pensions & debt service

    New Investment

    $576M

    Only 4% of $14B in new spending was truly new

    FY2028 Gap

    $6.7B

    Grows to $7.1B by FY2030 · structural deficit

    Agency Spending Breakdown

    $94B total
    Dept of Education (DOE)
    $31.2B
    Health + Hospitals (H+H)
    $11.4B
    Social Services (DSS/HRA)
    $10.8B
    Police (NYPD)
    $5.8B
    Fire (FDNY)
    $2.6B
    Correction (DOC)
    $2.8B
    Sanitation (DSNY)
    $2.1B
    Parks & Recreation
    $0.71B
    All Other Agencies
    $26.6B

    Where the $127B Goes

    Revenue Sources FY2027

    General Property Tax$36.6B
    Property Tax Increase (9.5%)$3.7B
    Other Taxes (income, sales, corp)$50.2B
    Miscellaneous Revenue$8.1B
    State Aid (Hochul package)$1.5B

    New Programmatic Spending

    $576M
    Snow removal emergency (FY26)$100M
    Community Food Connection (HRA)$54M
    Bellevue CPEP expansion (capital)$48.2M
    200 Law Dept attorneys$38M
    Homeless outreach (SHOW units)$31.1M
    50 DOF auditors (+$100M/yr revenue)~$12M
    96% of $14B in new city-funded spending went to filling gaps inherited from the Adams administration — not new programs.

    Campaign Pledge Tracker

    Below target
    Parks & Recreation — Pledged 1% of budget0.57% actual

    $710M actual vs. $1,270M pledged – $560M shortfall

    Libraries (NYPL/BPL/QPL) — Pledged 0.5%0.39% actual

    $497M actual vs. $635M pledged – $138M shortfall

    Both Parks and Libraries fall short of their pledged funding levels. Parks gap widens to –$767M by FY2030.

    5-Year Capital Plan · $113B FY27–31

    Environmental Protection (DEP)$20.2B
    Schools (DOE)$18.1B
    Housing (HPD/HDC/NYCHA)$17.4B
    Transportation & Transit$16.4B
    Admin. of Justice / Correction$13.8B
    Parks$5.5B

    Outyear Financial Plan

    Structural gap
    ItemFY26FY27FY28FY29FY30
    Total Revenue ($B)$91.2$97.6$99.2$100.9$103.6
    Total Expenditure ($B)$91.2$97.6$105.9$107.7$110.7
    Gap to Close ($B)$0$0–$6.7–$6.8–$7.1
    FY2028–2030 structural gaps of $6.7B–$7.1B remain unresolved. Closing them requires either new revenue authority (Mamdani's Path 1 — taxing high earners and corporations) or further property tax hikes and reserve drawdowns (Path 2).

    Data: NYC OMB FY2027 Preliminary Budget · The City NYC · NYC Council Finance Division · Feb 2026