Budgets

Despite looming economic and social challenges, New York City's economy has proven to be more resilient than projected, New York's comptrollers Brad Lander and Thomas DiNapoli say.

Costs associated with the influx of migrants could cost the city more than $12 billion over fiscal 2023, 2024 and 2025.

"With this year's budget, we're creating a more future-ready Miami-Dade, building for today and investing in tomorrow," Mayor Daniella Levine Cava said.

Several guideposts have also already been offered as Mayor Brandon Johnson must balance his campaign pledges on funding new investments and structurally balancing the budget while holding the line on property taxes as the city deals with crime, rising costs, and end of federal COVID-19 funds.

Illinois Comptroller Susana Mendoza will highlight the state's progress on key fiscal metrics during upcoming meetings with the rating agencies and has updated the fiscal 2023 interim audit as the full audited results have not yet been published.

The $107 billion adopted budget for fiscal 2024 maintains a near-record $8 billion in total reserves but doesn't increase them.

The Board of Education approved a fiscal 2024 budget amid warnings about the need for more state help to manage a gap of up to $700 million in fiscal 2026.

The plan includes a bump to public employee salaries and new spending on education.

The gap next year is up from the $18.2 million shortfall projected heading into the fiscal 2023 budget season but down from the $121.4 million projection in 2022 and the expected near-record $410 million hole that loomed in 2021.

The fiscal 2024 budget proposal leans on federal funds, better-than-expected tax collections, and a drawdown on reserves to bankroll a wide array of capital work and a boost to state employee salaries.