Budget Director Annette Guzman speaks at a City Hall press conference on April 1, 2025. [Don Vincent/The Daily Line]

Alderpeople voiced concerns about a potential credit downgrade stemming from a proposed lower supplemental pension payment, project delays from a planned record-high sweep of city tax increment financing (TIF) districts and the economic impacts of a new proposed head tax during the first day of 2026 city budget hearings. 

Budget Director Annette Guzman, Chief Financial Officer Jill Jaworski and Comptroller Michael Belsky presented to the Committee on Budget and Government Operations and took questions from City Council members on the mayor’s budget plan, which proposes to close a $1.189 billion gap through more than $400 million in expenditure reductions and nearly $800 million in new revenue.