New York State Comptroller Thomas P. DiNapoli released the following statement on New York City's Fiscal Year (FY) 2025 Preliminary Budget:

“The release of New York City’s $109.4 billion FY 2025 preliminary budget shows the pathway to budgetary balance can be achieved through targeted cost savings and continued economic growth, which requires vigilant monitoring of finances and management of operations. A take down of larger-than-historical contingency (in-year) reserves, better-than-projected revenue and substantial savings identified so far this year, including on projected migrant spending, will be used to close the FY 2025 budget gap.

“Despite these positive developments, the city’s fiscal position remains tenuous. Higher revenue allowed the city to take smaller agency savings in this round and to restore earlier reductions. However, the size and duration of restorations and new agency spending, including to address fiscal cliffs, suggest savings will be more difficult to find going forward. Continuing the delicate balance of reducing the pace of cost growth in a way that does not hurt the city’s economy should remain a fundamental goal of the city’s budget management.

“Until the federal government steps up with sustainable policy changes and funding to address the influx of asylum seekers into communities across the country, the city will be plagued by uncertainty. The city must keep an eye towards the preservation of critical services and be transparent about the choices it faces in an environment where the potential for spending and revenue volatility remain elevated.

“My team is analyzing the budget and will issue a public report next month.”