US, May 15 -- Mayor Zohran Mamdani has released the $124.7 billion Fiscal Year (FY) 2027 Executive Budget, balancing it through a combination of aggressive savings, new tax revenue, partnership with Albany, and critical new investments in the needs of working-class New Yorkers.

The budget is balanced without raising property taxes, slashing services, or drawing down the City's Rainy Day or Retiree Health Benefit Trust reserves, and makes the largest City capital commitment to NYCHA in recent history. "For too long, working New Yorkers have been told that austerity was the answer to adversity," said Mayor Mamdani.

"This budget rejects that failed politics. We are restoring fiscal stability without slashing the services people depend on,...