(The Center Square) — New York City Mayor Eric Adams is walking back more proposed budget cuts and easing a hiring freeze amid better-than-expected revenues and reduced spending on asylum seekers.
Adams announced on Wednesday that his administration is canceling planned cuts to the fiscal year 2025 budget under the city’s Program to Eliminate the Gap and restoring funding as a result of better-than-expected revenue projections, a reduction in spending on migrants and additional state aid have pumped billions into the city’s annual spending plan.
The Democrat said the turnaround bodes well for the city’s taxpayers.
“After two years of hard work, we are heading in the right direction,” he said in remarks on Wednesday. “Jobs are up, crime is down, tourists are back, and we are delivering for working-class New Yorkers every day.”
The move followed Moody’s Investors Service’s affirmation on Tuesday of New York City’s Aa2 issuer rating. The credit
Read more…
