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Zohran Mamdani: “Labor Reserve Savings 150 million here, 400 million in the…”

Featuring: Zohran Mamdani, Democratic | Mayor of New York City

BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike

Published February 17, 2026 | Video Starts at 20:04

Rainy Day fund a withdrawal of 980 million in fiscal year 2026. Then we see the Capital Stabilization Fund, 250 million. 250 million in both fiscal years. Labor Reserve Savings 150 million here, 400 million in the next. These are the savings I was Speaking about of 1.5% in this fiscal year, 2.5% in the next. Projected agency savings with the CSOs. (20:04–20:09)

CLAIM

Asserts $150 million in Labor Reserve Savings this year and $400 million next year.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Zohran Mamdani

“New Yorkers contribute 54.5% of state revenue but receive only 40.5% back.”
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“One in four New Yorkers are living in poverty.”
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“Our aggressive savings plan, daily incorporation of updated revenue and bonus estimates, and our deployment of in year reserves, in tandem…”
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“The first is the most sustainable and the fairest path. This is the path of ending the drain on our city and raising taxes on the richest…”
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“If we do not fix this structural imbalance and do not heed the calls of New Yorkers to raise taxes on the wealthy, this crisis will not…”
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“The city would have to exercise the only revenue lever for fully within our own control. We would have to raise property taxes.”
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“The city's budget at the time was $118.2 billion. That plan projected a $4.7 billion gap in fiscal year 2027 and a $6.3 billion gap over…”
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“Adam's November plan left the city with a $12 billion budget gap.”
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“The $12 billion budget deficit confronting our city was historically vast.”
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“More than $7.5 billion were left unaccounted for.”
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“The city must fulfill more than $6.6 billion in additional unfunded needs and state mandates.”
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“Wall street profits are at a record high, surpassing any projections and allowing us to incorporate more revenue than anyone anticipated.”
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“I signed an executive order establishing a chief Savings officer in every city agency.”
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“Each CSO will issue a public report by March 20 detailing the savings they have found and provide updated assessments every six months.”
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“These CSOs will have clear goals 1.5% in savings in fiscal year 2026 and 2.5% in fiscal year 2027.”
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“We are hiring 50 new auditors at the Department of Finance, which we expect will generate $100 million in new revenue per year.”
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“We are also adding 200 lawyers to the law department to reduce tort liability, which we anticipate will yield $125 million in savings in…”
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“These aggressive savings measures...have allowed us to reduce the budget gap from $12 billion to $7 billion.”
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“Albany would contribute $1.5 billion in state aid to help us bridge this gap.”
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“New data in the state school aid formula will bring an additional $97 million to New York City on a recurring basis.”
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“This is a budget that is balanced at $122 billion in fiscal year 2026 and $127 billion in fiscal year 2027.”
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“We are more than tripling baseline funding for HRA's Community Food Connection Emergency Food Program adding $54 million in fiscal year 2027…”
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“This capital plan also makes major investments in nycha developments including $662 million in fiscal year 2027 to boost renovations.”
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“Over $38 million specifically to install heat pumps in more than 700 housing units in the Rockaways.”
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“We will also invest over $48 million in the expansion of the adult Comprehensive Psychiatric Emergency program at Bellevue Hospital.”
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“The fiscal impact of the decoupling from federal legislation will yield $723 million in additional revenue starting in the next fiscal year.”
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“This is the sales tax Distressed Hospital Intercept.”
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“This reflects the second path that we are forced to take within this preliminary budget which showcases an increase in property taxes…”
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“We see a $6.6 billion change in this fiscal year $7.4 billion in fiscal year 2027.”
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“These are the savings that we anticipate from the NYCE PPO health savings 411 million this year 791 million next year through the…”
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“This is the reversal of Article 6, the provision of youth programming and school aid. $360 million in fiscal year 2026 increases to 457 in…”
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“Rainy Day fund a withdrawal of 980 million in fiscal year 2026.”
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“Then we see the Capital Stabilization Fund, 250 million. 250 million in both fiscal years.”
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“Projected agency savings with the CSOs.”
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“This is an adjustment for OTPS inflation of 56 million in 2027 fiscal year.”
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“It is a balanced budget in fiscal year 2026, a balanced budget in fiscal year 2027 as required by law.”
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“The city is facing a fiscal crisis not created by working and middle class New Yorkers.”
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“The property tax increase, if the city was forced to do so, would be at a 9.5% increase.”
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“The city is facing a significant fiscal crisis the likes of which we have not seen in a long time.”
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“We spoke about the $12 billion that we saw as the fiscal deficit in line with comptroller's assessments.”
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“Now, thanks to the state's aid, we are looking at $5.4 billion.”
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“We have a very aggressive savings plan, one that we anticipate, as we showcased, will yield around $1.7 billion over two fiscal years.”
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“Part of this is tort reform. Part of this is also hiring more fiscal auditors.”
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“March 20th is when our CSOs will be presenting their plans to achieve those 1.5 and 2.5% savings.”
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“We are eliminating the two for one rule that agencies have been subject to for prior years.”
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“We are allocating funding such that agencies can hire 50% of the vacancies that have been longstanding in city government.”
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“We are going to deliver a bill to Albany. It is not a hope. It is a commitment.”
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“The current property tax system is a broken system.”
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“We believe the system has to be reformed and we believe that the way to bridge this fiscal gap is by increasing taxes on the wealthiest and…”
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“We are forced to raid the Rainy Day Fund, the Retiree Health Benefits Trust Reserve, and to increase property taxes across these other…”
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“Agency savings, 710 million in this fiscal year, 1.06 billion in the next fiscal year.”
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“We need to reform the real property tax system.”
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“This is both the wealthiest city and the wealthiest country in the history of the world.”
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“We want to deliver the most excellent city government so that we can transform the most expensive city in the United States of America into…”
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“We have shown in this budget is an actual accounting of the cost that the city is paying for typically, what we've seen is a lot of these…”
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“We investments in the Department of Community Safety within our executive budget.”
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“I spoke about the importance of raising about $9 billion in additional taxes.”
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“The city is facing $5.4 billion fiscal deficit.”
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“We are outlining is a $5.4 billion fiscal deficit that is critical for the city to be able to address by the time that it adopts its final…”
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“Taxing the rich will put the city back on its firm financial footing.”
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“Within our budget also is a reflection of the state's more than billion dollar commitment to fulfill our campaign promise of delivering…”
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“For the first time in city history to deliver childcare for two year olds.”
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“By the end of year four, a seat for every single two year old.”
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“2.5% is the highest level of savings that we can anticipate agency wide without starting to inhibit city services.”
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“We showed on day eight of our administration our ability to deliver on the largest promise within our campaign, which was to deliver…”
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“More than $100 million earmarked for [fixing childcare for 3 year olds, 3k].”
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“To deliver, for the first time in city history, child care for two year olds for free from city government.”
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“2,000 seats this year, 12,000 seats by the end of next year until we get to every single two year old by the end of year four.”
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“Continuing to advocate and work on making those same buses free.”
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“Increasing spending for the Police Department by $600 million.”
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