New York’s and Florida’s respective state budgets have just been finalized for what they call the 2027 “fiscal year.”

In New York’s case the FY runs from April 1 to March 31, so the budget is supposed to be final by April 1; but, this being New York, the budget was about 8 weeks late. In Florida the FY runs from July 1 to June 30, and the legislature has already completed its work on the FY 2027 budget.

Ability to meet fixed deadlines is just one of many ways in which Florida exemplifies responsible state government while New York exemplifies the irresponsible version. Over the past several years, I have had multiple posts comparing state governance in New York versus Florida, for example this post from June last year comparing the budgets of the two states.

With another year’s budgets now complete, it’s time for an update.

You may have heard that New York City has a “budget crisis.” The reason you may have heard that is that our new Mayor Mamdani has been loudly proclaiming that mantra to anyone who will listen.

After taking office on January 1, Mamdani promptly came up with the “budget crisis” theme during his first month in office, of course blaming the supposed crisis on his predecessor Eric Adams; and he has been repeating the mantra regularly ever since.

From a Mamdani press release on January 28: TODAY, Mayor Zohran Mamdani outlined the “Adams Budget Crisis,” a fiscal emergency driven by years of staggering mismanagement under former Mayor Eric Adams. . . .

It’s not just a “crisis,” but also an “emergency.” And moving forward to two days ago, there was Mamdani once more, this time in the City Hall rotunda, harping on the same words again — and using them to demand that the state Legislature and Governor enact new taxes to provide him with additional revenue. From NBC News, April 28:

"New York City faces a budget crisis of historic magnitude," Mamdani said Tuesday during a joint press conference. "We've inherited a deficit larger than any since the Great Recession. Years of mismanagement and chronic under budgeting, alongside a structural imbalance between what New York City sends to the State and what we receive in return, have taken a toll. We cannot close this deficit with savings alone. We need new revenue.”

So has New York City actually been the subject of “chronic under-budgeting” as Mamdani asserts?

One of the first tasks that a new Mayor has in New York City after taking office is to present a budget. Given that an annual New York City budget is well north of $100 billion, you would think that this is a serious undertaking. But our new Mayor is the 34-year-old play-acting college socialist Zohran Mamdani. How does he handle the task?

Mamdani kicked the process of with a press conference at City Hall on January 28. Here is a transcript and video of his remarks. Excerpt:

I want to speak directly to New Yorkers, who have for too long been misled and misinformed about the true state of our City's finances. I will be blunt: New York City is facing a serious fiscal crisis. There is a massive fiscal deficit in our City's budget to the tune of at least $12 billion. We did not arrive at this place by accident. This crisis has a name and a chief architect. In the words of the Jackson 5, it's as easy as A-B-C. This is the Adams Budget Crisis.

Yes, there is a “serious fiscal crisis,” featuring a looming deficit of some $12 billion, all of which is entirely the fault of our prior Mayor (Eric Adams). And what is the underlying cause of this “crisis”?