City Comptroller Scott Stringer is expected to raise several red flags at the City Council Wednesday when testifying about the mayor's proposed $74 billion budget.
In Stringer's prepared budget testimony provided to NY1, the new comptroller is expected to testify that the city should expect several hundred million dollars in additional revenue this year compared to earlier projections, but at the same time, overtime costs are high, Medicaid reimbursements from Washington are low and there are more than 100 expired labor contracts, and all of that could cost the city additional money.
"We project in my office an $860 million revenue increase, which is a good sign. We also highlight some liabilities, such as uniformed overtime and Medicaid reimbursements, which bring down that $860 million, but we do make note that the Achilles heel in the room is labor contracts," Stringer said.
Stringer is expected to once again back up the mayor's proposal to increase taxes on the wealthy and call for Albany to pay what he calls its fair share of education costs.