Newly appointed New York City Comptroller Mark Levine outlined a fiscal strategy to steer the city away from its budget challenges without resorting to tax increases. Speaking at a Crain’s event held at the New York Athletic Club, Levine emphasized that the city has untapped opportunities to improve efficiencies and obtain greater fiscal support from the state government. “We have the option of finding more efficiencies and savings and getting more fiscal help from Albany,” Levine told a gathering of business leaders, acknowledging the political complexity of such measures.
Levine pointed to potential cuts in select city programs, including rental assistance initiatives like CityFHEPS and the so-called Carter Cases, where the city funds private school tuition for special needs students. While acknowledging these programs provide critical support to vulnerable populations, he warned their escalating costs are unsustainable. “I don’t think we can get to our goal without looking at curbing the growth of some of these programs,” he said.
A key component of Levine’s plan calls for increased state contributions through the Aid and Incentives for Municipalities (AIM) program, which New York City has not benefited from since 2010. Levine estimated that if the city received AIM funding on par with other municipalities based on population, it could add roughly $2 billion annually to its coffers.
Beyond expenditure controls and state aid, Levine underscored the importance of economic growth as a sustainable revenue driver. “Growing the economy is the best way to ensure we have the revenue to meet the needs of vulnerable New Yorkers,” he said. His vision aims to balance fiscal responsibility with social support, offering a roadmap for restoring New York City’s financial health without burdening residents with higher taxes.