The city’s finances may be on the upswing, according to a new financial report from the City Council obtained by Spectrum News NY1. 

The report shows the city is expected to see a significant improvement in revenue compared to what the mayor’s office had originally anticipated. The report estimates $3.3 billion more in revenue for this fiscal year and the next one, which begins July 1.  

The new forecasts are a major difference from what the city Mayor’s Office of Management and Budget reported in January, which put revenues for this fiscal year at $73 billion. The council is projecting it at $74.3 billion. 

While the mayor’s office expects revenues for Fiscal Year 2025 to be around $74.9 billion, the council projects it to be an estimated $77 billion. 

Council Speaker Adrienne Adams and Committee on Finance Chair Justin Brannan cited the increased revenue as a chance to make “some different budget decisions, protecting the priorities of New Yorkers.” 

“From 3K to CUNY, libraries, and our cultural sector, stronger than expected tax revenues allow us to restore the blunt cuts that weren't necessary in the first place… It's vital that we continue prioritizing essential and targeted investments that promote health, safety, and opportunity for all New Yorkers,” the lawmakers said in a joint statement provided to NY1. 

The report comes in the wake of Mayor Eric Adams canceling a third round of 5% proposed budget cuts that were expected to take place in April. The slashing was set to total $4.1 billion in savings.

Adams has taken a more pessimistic approach to the city’s finances that included multiple rounds of cuts, adjustments and hiring freezes. 

The report also comes just one day before the council will begin examining Adams’ financial report that set the next city budget at $109.4 billion. 

The two sides of City Hall will go through what is known as “the budget dance,” negotiating their priorities and concerns ahead of a final budget at the end of June.