And in many parts of New York, especially among the working class, it does not feel like the city is back on its feet. The poverty rate has soared to 23 percent, up from 18 percent in 2021. Demand for food stamps and cash assistance has surged. The housing crunch is the worst it has been in more than 50 years, with a rental vacancy rate of only 1.4 percent.

"...we project the future budget gaps are between $8.8 billion to $9.7 billion, even without expanding city FHEPS or complying with the state class-size reduction law, and assuming the administration's revenue estimates hold," Ana Champeny

The City Council released an updated forecast over the weekend that predicts an additional roughly $3.3 billion in tax revenues beyond what the mayor’s Office of Management and Budget had already predicted for the current fiscal year and upcoming fiscal year 2025.

A new Citizens Budget Commission report warns that under the mayor’s budget, the city won’t have nearly enough cash to keep current programs and services going — even if it somehow manages to close the looming multibillion gaps the plan acknowledges.

Gov. Kathy Hochul and the Democratic-led state legislature are gearing up for major negotiations just one month away from their budget deadline.

Dan Doctoroff, former deputy mayor for economic development and rebuilding under Mayor Mike Bloomberg, was honored by the Citizens Budget Commission with an award named for Felix Rohatyn, who’s credited with saving New York from a different disaster: the 1970s fiscal crisis.

City Council education chair Rita Joseph will present legislation at an Education Committee hearing to require the city to report actual class sizes and expand reports on the number of students in special programs like students with disabilities and English language learners.

Just four months after departing his post as CEO of Silverstein Properties, Marty Burger has launched Infinity Global Real Estate Partners, a real estate company focused on development, acquisitions, financing and fund management across the United States.

The legislation seeks to halve the amount of plastic packaging New York City consumes over the next 12 years. The bill would require businesses to be charged fees based on the amount of packaging created for their products.

The Citizens Budget Commission and other good government groups are calling for the release of “simple, straightforward financial-plan tables” for the Senate and Assembly’s one-house budgets.

Mayor Eric Adams, again, touted the city’s rosy credit ratings, and he told anyone who questions his fiscal management to look to the experts.

State Comptroller Thomas DiNapoli is cutting the state pension fund’s direct investments in eight more oil and gas companies, including ExxonMobil, as part of his plan to combat climate change through Wall Street.