New York City Council members used the June 11, 2026 stated meeting to press a June 2026 revenue forecast that projects nearly $2 billion more in tax revenue for fiscal years 2026–27 than the mayor’s office estimated, and to name budget priorities the Council wants funded — including an expansion of city FEPS (rental vouchers), NYC Kids RISE college savings, a Fair Fares transit expansion, immigrant legal services, library redevelopment, and additional rainy‑day reserves — while the mayor’s office has warned about budget gaps and cautioned against counting unapproved savings. Source: https://youtu.be/ZT4iSs9tqB4&t=1019
# What’s happening
– The City Council released a June 2026 forecast projecting nearly $2 billion more in tax revenue. Source: https://youtu.be/ZzUrYU2yKPI?t=31
– Council leaders proposed funding priorities including city FEPS, NYC Kids RISE, Fair Fares, and immigrant legal services. Source: https://youtu.be/ZT4iSs9tqB4&t=1019
– The forecast applies to fiscal years 2026 and 2027 and informs June budget negotiations. Source: https://youtu.be/ZzUrYU2yKPI?t=302
# Why it matters
– Low‑ and moderate‑income New Yorkers who rely on housing vouchers, transit discounts, and college savings could be affected. Source: https://youtu.be/ZT4iSs9tqB4&t=1019
– Budget choices will determine whether funds go to programs now or are placed into the rainy‑day reserve. Source: https://youtu.be/ZzUrYU2yKPI?t=1111
# Key details
– Date: City Council released the June 2026 forecast on June 10–11, 2026. Source: https://youtu.be/ZzUrYU2yKPI?t=31; https://youtu.be/ZT4iSs9tqB4&t=1019
– Dollar amount: The Council projects nearly $2.0 billion additional tax revenue for FY2026–FY2027 combined. Source: https://youtu.be/ZzUrYU2yKPI?t=302
– Immigrant legal services ask: Council named $81.5 million for organizations helping immigrant communities access legal representation. Source: https://youtu.be/ZT4iSs9tqB4&t=1019
– Library redevelopment ask: Council requested $60 million in capital funding to redevelop three library sites with 100% affordable housing. Source: https://youtu.be/ZT4iSs9tqB4&t=3449
– Program names: Council priorities listed include city FEPS (rental assistance), NYC Kids RISE (college savings), and Fair Fares (transit discount). Source: https://youtu.be/ZzUrYU2yKPI?t=126; https://youtu.be/ZT4iSs9tqB4&t=1019
– Reserves: Council leadership urged setting aside a “considerable amount” of any validated revenue upside for the rainy‑day fund. Source: https://youtu.be/ZzUrYU2yKPI?t=1111
New York City Council
– Role or jurisdiction: City legislative body that reviews and adopts the city budget. Source: https://youtu.be/ZzUrYU2yKPI?t=31
– Action taken or responsibility: Released the June 2026 economic and tax revenue forecast. Source: https://youtu.be/ZzUrYU2yKPI?t=31
– Relevant numbers or dates: Forecast released June 10–11, 2026; projects nearly $2.0 billion upside for FY2026–FY2027. Source: https://youtu.be/ZzUrYU2yKPI?t=31
Julie Menin
– Role or jurisdiction: Speaker of the New York City Council. Source: https://youtu.be/ZzUrYU2yKPI?t=31
– Action taken or responsibility: Announced the Council’s June 2026 forecast and named high‑level spending priorities. Source: https://youtu.be/1n8JM7WYAtA?t=109; https://youtu.be/ZT4iSs9tqB4&t=1019
– Relevant numbers or dates: Remarks delivered June 10–11, 2026. Source: https://youtu.be/ZzUrYU2yKPI?t=31
Linda Lee
– Role or jurisdiction: Council Finance Chair. Source: https://youtu.be/ZzUrYU2yKPI?t=302
– Action taken or responsibility: Presented the Council Finance Division’s updated revenue analysis. Source: https://youtu.be/ZzUrYU2yKPI?t=302
– Relevant numbers or dates: Stated the Council projects nearly $2 billion additional tax revenue across FY2026–FY2027. Source: https://youtu.be/ZzUrYU2yKPI?t=302
Mayor Zohran Mamdani / Mayor’s Office of Management and Budget (OMB)
– Role or jurisdiction: Executive branch, prepares the administration’s budget and revenue forecasts. Source (external): https://youtu.be/pDh1Lkafo2U?t=1109
– Action taken or responsibility: Presented an executive budget and warned of fiscal gaps and limits on counting unapproved savings. Source (external): https://youtu.be/GqfhtOQxaqU?t=1115; https://youtu.be/askcIj8pzz0?t=783
– Relevant numbers or dates: Administration reported a fiscal deficit figure and executive budget details in earlier hearings. Source (external): https://youtu.be/GqfhtOQxaqU?t=1115; https://youtu.be/pDh1Lkafo2U?t=1109
The Council’s forecast and priorities
The Council’s finance leadership announced an updated June 2026 economic and tax revenue forecast during the June 10–11 meetings. Source: https://youtu.be/ZzUrYU2yKPI?t=31
Council leaders said the forecast projects nearly $2.0 billion more in tax revenue for fiscal years 2026 and 2027 combined than the mayor’s estimate. Source: https://youtu.be/ZzUrYU2yKPI?t=302
Speaker Julie Menin and Finance Chair Linda Lee named specific areas the Council wants to fund if the additional revenue is validated. Those areas include NYC Kids RISE (a universal college savings program), expansion of Fair Fares (a public transit discount program), expansion of city FEPS (rental assistance vouchers), increased parks staffing, and baseline funding for the Department of Consumer and Worker Protection. Source: https://youtu.be/ZzUrYU2yKPI?t=126; https://youtu.be/ZzUrYU2yKPI?t=220
City FEPS, NYC Kids RISE, Fair Fares — what the Council said
Council members repeatedly urged expanding city FEPS, describing it as a program that “keeps families housed, helps people move out of shelter, and provides a more humane and cost‑effective response to homelessness.” Source: https://youtu.be/ZT4iSs9tqB4&t=5518; https://youtu.be/ZT4iSs9tqB4&t=5449
The Council presented NYC Kids RISE as a college savings initiative to help reduce wealth gaps for children. Source: https://youtu.be/ZzUrYU2yKPI?t=126
Fair Fares expansion was named as a top Council priority to make transit more affordable for low‑income New Yorkers. Source: https://youtu.be/ZzUrYU2yKPI?t=126
Library redevelopment and immigrant legal services
The Council asked the administration to invest $60 million in capital funding to fully redevelop three aging standalone library sites and build 100% affordable housing on them. Source: https://youtu.be/ZT4iSs9tqB4&t=3449
The Council called for $81.5 million for organizations that help immigrant communities secure legal representation. Source: https://youtu.be/ZT4iSs9tqB4&t=1019
Reserves and fiscal prudence
Council leadership said a “considerable amount” of validated revenue upside should be set aside for the rainy‑day fund (reserve). Source: https://youtu.be/ZzUrYU2yKPI?t=1111
The Council framed its approach as preserving services while also adding to reserves because of uncertainties ahead. Source: https://youtu.be/ZzUrYU2yKPI?t=302
Mayor’s office response (external to the June 11 stated meeting)
The mayor’s administration and the Mayor’s Office of Management and Budget (OMB) have previously warned against relying on unapproved or optimistic savings to close budget gaps. Source (external): https://youtu.be/GqfhtOQxaqU?t=1115
OMB testimony in earlier budget hearings described the executive budget balances, noted reserve levels, and reported the administration’s savings and revenue estimates. Source (external): https://youtu.be/pDh1Lkafo2U?t=1109
At public events earlier in 2026, Mayor Mamdani said the city faces a fiscal gap and that some proposed savings are unproven, cautioning that counting those savings could force cuts elsewhere. Source (external): https://youtu.be/GqfhtOQxaqU?t=1115
What this means for budget negotiations
The Council said it will not announce a firm split between rainy‑day deposits and program spending until budget negotiations with the administration conclude in June. Source: https://youtu.be/ZzUrYU2yKPI?t=1111
The administration’s public statements (external) emphasize caution about counting unapproved savings and the need to balance services with fiscal prudence. Source (external): https://youtu.be/GqfhtOQxaqU?t=1115; https://youtu.be/pDh1Lkafo2U?t=1109
Next steps and timeline
The Council’s June forecast will be reconciled with the mayor’s estimates during ongoing budget negotiations in June 2026. Source: https://youtu.be/ZzUrYU2yKPI?t=31
Final allocations — how much goes to reserves versus program expansions like city FEPS, NYC Kids RISE, and Fair Fares — will be decided in the formal June budget adoption process. Source: https://youtu.be/ZzUrYU2yKPI?t=1111
For readers tracking the debate
In earlier coverage, the Council’s March and April budget work identified additional savings and proposed program priorities; the June forecast is the latest iteration of the Council’s revenue analysis. (In earlier coverage: March and April Council budget sessions and responses). Source (earlier coverage): https://getlocalpost.com/2026/03/11/nyc-council-unveils-400m-budget-forecast-discrepancy-identifies-1-7b-in-potential-savings/; https://getlocalpost.com/2026/04/02/nyc-council-proposes-free-public-transit-for-low-income-residents-amid-6-billion-budget-shortfall/
Source: June 11, 2026 New York City Council stated meeting video excerpts. Source: https://youtu.be/ZT4iSs9tqB4&t=1019; Council June 10 forecast press conference. Source: https://youtu.be/ZzUrYU2yKPI?t=31; Council Finance Committee FY27 hearings (context on forecast). Source: https://youtu.be/KFSfiB4j_yY?t=240; Mayor and OMB public remarks and testimony (external to the June 11 meeting). Source (external): https://youtu.be/GqfhtOQxaqU?t=1115; https://youtu.be/pDh1Lkafo2U?t=1109
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