A new report shows that for the first time in a generation, the city budget will need to be changed to reflect the soaring rate of inflation.

The grim outlook forecasts that the economy will stall, leading to a recession in the spring of next year. Councilmember Justin Brannan, chair of the City Council's Finance Committee, joined NY1 to talk about the findings and their potential impact.

The report outlines the challenges the city is facing in terms of its budget. Brannan said that while his committee projects higher tax revenues, it won't keep pace with inflation. He expects the city's purchasing power to decline and squeeze the city's budget in the future.

Brannan said that there will be some tough decisions to make going forward.

When asked about the asylum seeker crisis the city faces, Brannan said: "The city's compassion is unlimited, but our resources are not. And we really need help from the federal government."