Committee on Finance meeting
March 25, 2026, 9:30 AM
The Committee on Finance held its FY2027 preliminary budget hearing on the Mayor's Office of Management and Budget, the agency that assembles the city's budget. The committee took testimony and recorded no votes.
What was discussed
- Chair Lee and Speaker Menin open the OMB preliminary budget hearing Finance Chair Linda Lee opened the Committee on Finance hearing on the FY2027 preliminary budget with the Office of Management and Budget, and Speaker Julie Menin offered opening remarks thanking the Finance team and previewing the Council's priorities.
- OMB Director Sherif Soliman's opening testimony Sherif Soliman, Director of the Mayor's Office of Management and Budget, testified on the FY2027 preliminary budget, describing efforts to bring down the projected deficit through recognized revenue, an aggressive savings plan, and state assistance. He was joined by First Deputy Director Tara
- Will OMB share its savings plan and rein in outside consultants? Asked by Speaker Julie Menin, Deputy Speaker Nantasha Williams, and Chair Linda Lee about the savings program, Director Sherif Soliman said agencies submitted over $1.7 billion in proposals that OMB is still vetting, that Chief Savings Officers are tasked with meeting the 1.5% (FY26) and 2.5% (FY27)
- How will the city close its deficit without spending down the Rainy Day Fund or raising property taxes? Asked by Speaker Julie Menin, Minority Leader David Carr, Council Member Phil Wong, and others about the deficit, Rainy Day Fund, and property taxes, Director Sherif Soliman said OMB worked to reduce the projected gap and wants to avoid drawing down reserves, framing the goal of the Chief Savings
- Will the administration restore library funding and end the annual 'budget dance'? Pressed by Speaker Julie Menin and Deputy Speaker Nantasha Williams about libraries and the $30 million in one-time funding not carried into the preliminary plan, Director Sherif Soliman characterized many such items as one-shot additions made at adoption rather than cuts, and said the preliminary
- Why are there 12,000 vacancies, and how will the two-for-one attrition policy work? Asked by Speaker Julie Menin and Chair Linda Lee about staffing, Director Sherif Soliman said the roughly 12,000 vacancies as of January 2026 span many titles including teachers and uniformed staff, which OMB does not intend to cut, and that agencies will hire against vacancies once the
- How exposed is the city budget to federal funding cuts? Asked by Chair Linda Lee about federal risk, Director Sherif Soliman said OMB is working through federal uncertainty, and First Deputy Director Tara Boirard quantified the relevant federal grant exposure at a total of about $2.6 billion, with OMB agreeing to provide actuals received for prior years.
- Will OMB fund the CityFHEPS voucher expansion and homeless services? Asked by Council Members Crystal Hudson and Pierina Sanchez and Speaker Julie Menin about CityFHEPS and homelessness, Director Sherif Soliman discussed voucher forecasting and shelter census declines and the ongoing CityFHEPS litigation, with members pressing the administration to drop the
- Is the city underinvesting in NYCHA Section 9 compared with Section 8 and PACT? Asked by Council Members Christopher Marte and Chris Banks about public housing, Director Sherif Soliman said the budget adds $148 million in capital funding for NYCHA Section 9 housing, while members argued that figure is far less than the city's Section 8/PACT investment and pressed for deeper
- How will OMB manage rising sanitation waste-export and street-resurfacing costs? Asked by Council Member Kamillah Hanks about the $594 million in OTPS for waste disposal and by Majority Leader Shaun Abreu about the Streets Plan and DOT resurfacing, Director Sherif Soliman discussed long-term DSNY waste-export contracts and their budget impact and addressed funding for street and
- Could investing in DCWP and new revenue options raise money for the city? Asked by Council Member Harvey Epstein about the Department of Consumer and Worker Protection, Director Sherif Soliman discussed DCWP enforcement and revenue, and Epstein urged OMB to consider revenue raisers including residential parking permits and parking meter changes, which Soliman indicated
- Can technology and AI unify benefit eligibility and generate savings? Asked by Chair Linda Lee and Council Member Virginia Maloney about leveraging technology, Director Sherif Soliman said OMB is exploring how AI and modernization can find efficiencies and described work toward unifying benefit eligibility for individuals and families, which members framed as a major
- Will OMB fund EMS pay parity and mental health crisis response like B-HEARD? Asked by Council Members Shirley Aldebol, Joann Ariola, Mercedes Narcisse, and Chair Linda Lee about EMS and paramedic pay disparities and mental health crisis programs, Director Sherif Soliman addressed the $550 million reduction cited in the EMS-related budget line and discussed B-HEARD and mobile
- Will the city invest in youth programs, Summer Rises, and CUNY infrastructure? Asked by Council Members Althea Stevens, Mercedes Narcisse, and Phil Wong about youth programming and CUNY, Director Sherif Soliman discussed Summer Rises (serving over 100,000 students), Raise the Age funding, and CUNY's roughly $200 million capital need split between city and state, with members
Agenda
1 item
- T2026-1409 New York City Council Budget and Oversight Hearings on The Preliminary Budget for Fiscal Year 2027, The Preliminary Capital Plan for Fiscal Years 2027-2030 and The Fiscal 2026 Preliminary Mayor’s Management Report 9:30 a.m. Mayor's Office of Management and Budget Hearing Held by Committee