NEW YORK (BLOOMBERG) — Mayor Eric Adams, bolstered by lower-than-forecast spending on migrants, proposed a $114.5 billion budget that allocates hundreds of millions of dollars in new spending to help pay for social services.
The spending plan for the fiscal year that begins July 1, which requires approval from the City Council, is more than $2.5 billion larger than the current budget the city approved in June.
It is also the first spending plan since Adams became mayor that hasn’t centered on finding agency savings or included proposed spending cuts, a fact Adams attributed to his administration’s fiscal management and a robust economy. Critics of Adams, who is running for reelection, said the spending plan is more accurately a reflection of years of overly conservative budgeting practices by his administration…