Mamdanis budget has ballooned to nearly $130B with only .3% in savings

The Big Apple’s budget has ballooned to almost $130 billion this year — as the Mamdani administration continues to fall short of its savings goals, officials said Thursday.Mayor Zohran Mamdani announced that the city budget increased by more than $3 billion to $129.2 billion, according to City Hall’s mid-year financial update, a long-time requirement for officials to balance the budget throughout the year.The newly modified financial plan also shows nearly $1 billion in unexpected tax revenue due to a booming Wall Street since June alone.The Mamdani administration has yet to release a comprehensive savings plan that shows how city agencies will hit 2.5% in cuts that were ordered up by the mayor.Thursday’s announcement included a paltry $429 million in cuts for the fiscal year — or .33% of the revised spending plan.The city’s Department of Education is expected to spend more than $400 million more than previously budgeted.The mayor had vowed to trim a whopping $13 billion in spending for outside contractors, but the only saving the DOE found was $19 million in “less than anticipated” spending on school safety officers.Mamdani still praised the spending plan as reflecting “fiscal responsibility and public excellence.”“We are investing in the essential services New Yorkers rely on to protect their health, safety and wellbeing, while pursuing an aggressive savings plan to put our city on stronger financial footing so that our city can deliver for generations to come,” he said.While the mayor’s office said it found $2.5 million in savings, its overall budget was expected to increase by $3 million.The city still faces a $6.2 billion budget shortfall next year and roughly $9 billion in the two following.The financial update Thursday came with a bump of $3.3 billion in city spending compared to the $125.8 billion budget adopted for fiscal year 2027 back in June.City Hall said the jump represents a mix of new spending with $1.15 billion from city c...