Mamdani begins his first budget tango – with ample criticism for his predecessor

It’s budget season in New York City, but before New Yorkers get a peek at Mayor Zohran Mamdani’s preliminary budget, he’ll be taking some time to explain what he thinks the last administration did wrong. 

Mamdani will give his first budget address Wednesday laying out his case for why Mayor Eric Adams’ administration is responsible for, as Mamdani put it last week, “gross fiscal mismanagement.” He’ll be joined by his budget director Sherif Soliman.

The address comes just a few weeks before Mamdani’s own preliminary budget is due – he has until Feb. 17 to submit it, thanks to a City Council extension. It’s the first step in what will be a monthslong negotiation with the City Council to hammer out a final adopted budget for fiscal year 2027. 

There are many budgetary challenges facing the city. For example:

• A $12.6 billion budget gap in this fiscal year and next, according to Comptroller Mark Levine – and that’s as tax revenues continued to rise
• Ballooning city rental assistance costs, which Levine said could exceed $3 billion by fiscal year 2029. Meanwhile, the City Council is trying to expand eligibility for that program
• A mandate to decrease classroom sizes in New York City public schools, which could cost upwards of $1.6 billion per year
• Historically underbudgeted overtime costs for the New York City Police Department
• A decision on whether to fill or cut vacancies across the city workforce

And that’s not counting threats of dire cuts by the Trump administration. Both the mayor and Levine cited underbudgeting under the Adams administration – and in prior years – on the city’s current shortfalls.

But don’t expect Adams to swallow Mamdani’s take on Wednesday without giving his own view. 

“Let me get this straight. The Adams administration earned top bond ratings, left the incoming mayor a record $8B in reserves, navigated the city through COVID, absorbed a $9B migrant crisis, and survived,” the former mayor (and now active X poster) wrote on the platform after Mamdani referenced his “deep fiscal mismanagement” two weeks ago. “And now the new administration is complaining? The fastest way to balance a budget is to admit that “free” comes with a price tag.”