Stringer foresees trouble in budget

CITY SPENDING is set to grow 5.4% next year — faster than the growth in tax money the city is bringing in, a report by city Controller Scott Stringer found.

The budget for 2017 passed in June contains $61.8 billion in programs paid for with city funds — a 5.4% jump, compared to 1.6% expected growth in tax revenue.

The budget is still expected to be balanced because of leftover cash transferred from last year, but Stringer warned there was reason for caution.

“Unfortunately, the administration’s actions to safeguard against economic uncertainties fall short,” his analysis said.

The city has racked up a budget cushion — money available in reserves and from previous years in case of a budget crunch — of $9.4 billion. While that’s bigger than last year, Stringer said it’s still $762 million short of what it should be.