New York City Independent Budget Office

🏫 IBO’s new report examines teacher recruitment and turnover in the New York City Teaching Fellows Program at a critical moment for New York City Public Schools, as the city works to expand its teaching force to meet the upcoming class size mandate.
🔎 IBO found that the program has been successful in meeting its recruitment and placement goals, but faces challenges with higher teacher turnover.
Read the full report to learn more! 🍎

Good morning and happy Friday! Don't forget to remark your calendars with the new due dates for the Mayor's Executive Budget plan and IBO's analysis.

Public school budgets for next school year are being released!
Join this interactive IBO workshop to learn how NYC public schools are funded, what funds can be used for, and how you can better understand and get involved in budget conversations in your own community! Sign up for a session by scanning the QR code or visiting our website.

Did you know? IBO analysts regularly deliver presentations on the City budget to classrooms, community groups, research organizations, and other audiences across New York City. From City Budget 101 sessions and school budget workshops to topic-specific briefings, IBO helps make the budget more accessible and relevant to everyday life. Reach out if your Community group would like to learn more about our resources!

JUST PUBLISHED: NYC's hashtag Sale: History, Outcomes, and Alternatives

IBO dives into the City's main mechanism to enforce payment of taxes and other property-based charges. In this report, IBO examines trends in lien sales from 2015 through 2025, particularly in light of the 2024 reforms. IBO also analyzes characteristics of properties in these lien sales to contextualize the scope of the reforms.

Read the report below or on our website📌https://on.nyc.gov/4tevZ0X
Looking for a quick overview of what the hashtag is? Check out our 2-page explainer on our website📌https://on.nyc.gov/4tevZ0X

Prepared by Sarah Internicola
Supervised by Brian Cain, Sarah Parker
Contributions by Benjamin Ferri, Zachary Herman

Today at 10 am: IBO's Environmental Budget & Policy Analyst Ryan Dougherty testifies to the New York City Council Committee on Sanitation and Solid Waste Management regarding the City's curbside organics collection program.

♻️ Read the full testimony: https://buff.ly/xWNu2u2

Today at 1:00PM ET, join IBO's Assistant Director of Budget Review as he walks participants through the basics of how the City’s budget works and how to use publicly available data to better understand the City’s financial position.

RSVP: https://opendataweek.nyc/event/making-cents-of-it-all-the-citys-budget-its-data-and-why-it-matters-to-you/?mc_cid=ad8d1d9bb7&mc_eid=3ee3151a53

PUBLISHED THIS WEEK: IBO's Independent Analysis of the NYC Mayor's Office Preliminary Budget

IBO's analysis of Mayor Mamdani's Preliminary Budget for FY 2027 addresses how the Administration has corrected past underbudgeting practices (systemic understating of anticipated expenses where data clearly indicated actual expenses would be higher) and notes some areas of underfunding (where IBO's cost estimates simply differ from the Administration's).

IBO also forecasts City revenues and identifies potential budget deficits (areas where gaps remain between the expenses that IBO considers to be likely and the revenues that are reasonably certain to be received.)
IBO’s analysis provides context on present circumstances which include:
📌 Significant federal changes.
📌 Ongoing New York State Budget negotiations and conversations surrounding the cost sharing relationship with the City of New York.
📌 An accurate reflection of City expenses in the budget.
📌 Mayor Mamdani’s call for tax increases.
📌 Areas of escalating expenses.
📌 Rating agencies modify their outlook for the City of New York.

The report also highlights where State policymakers have required the City to carry increased proportions of funding formulas, or fully self-fund costly policies and takes an in-depth look at City staffing levels, costs associated with CityFHEPS (the second largest housing voucher program in the Country), and areas where IBO believes additional funds need to be added.

Read our full analysis including our Evaluation of Economic Trends and Tax Revenue Projections here:

Independent Budget Office

are the largest source of revenue for hashtag , with $34.6 billion collected in property taxes in fiscal year 2025. Property tax is also the only major tax where the City directly sets the rate, though many other aspects of the property tax system, such as property valuation rules, are largely governed by State law.

NYC Office of the Mayor Mamdani's recently published Preliminary Budget assumes a 9.5% increase in the citywide average property tax rate, which would raise the rate from 12.283% to 13.450% if adopted by the City Council.

Today IBO published an explainer to walk you through how that rate is calculated and how policymakers determine how much property tax revenue the City will collect each year.

Read the explainer here: https://buff.ly/uQpcSLQ

Independent Budget Office