NYC Budget Watchdog Sees Bigger Surplus Than Mayor’s Projections

New York City will end its fiscal year in June with a budget surplus of $4.9 billion, more than twice the size of what Mayor Eric Adams has projected, the city’s fiscal monitor said.

The projections from the Independent Budget Office Thursday exceeded Adams’s January forecast of a $2.1 billion surplus, in part because of higher-than-expected tax revenue. That puts the city’s near-term budget pressures in a rosier light, making future deficits look more manageable.

“These gaps, while not insubstantial, are well within the range the city has closed in the past,” the IBO said.

The IBO’s numbers often ...