NYC Faces $10 Billion Budget Gap As Business Tax Revenue Slows

New York City is staring down a $10 billion budget gap next fiscal year, reflecting slowing tax collections and uncertainty over federal funding streams, state Comptroller Thomas DiNapoli said in a new report.

The city has relied on booming tax collections to fund major services in recent years, but the “revenue trend may be coming to a close,” DiNapoli said in the report released Monday.

“If the city faces even a mild recession, it is unlikely tax revenues alone would be able to close budget gaps,” he said in a statement.

Business tax collections are expected to ...