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City Budgets
The FY2026 budgets of NYC, LA, Chicago and Toronto: total spend, revenue mix, largest spending buckets, and structural-balance signals. Every figure cites its source.
Vintage: 2026-07. Compiled July 2026 from FY2026-adopted budgets (NYC / Chicago / Toronto) and FY2025-26 (LA). Municipal budget documents get revised via mid-year updates; treat these as adopted-at-publication figures.
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| Entity | Metric | Value | Period | Confidence | Source |
|---|---|---|---|---|---|
New York City Budget size | FY2026 adopted budget Larger than the budgets of most US states and countries like Ukraine or Portugal. | $115.91 billion | FY2026 | Official | [1] [2] |
New York City Revenue mix | Tax revenue Unusually diversified: property + local personal income + business taxes. | ~$81 billion | FY2026 | Official | [1] [2] |
New York City Revenue mix | Self-funded share of budget | ~75% | FY2026 | Official | [1] [2] |
New York City Revenue mix | Federal aid Points of exposure the Comptroller flags. | ~$7.4 billion (~6.4%) | FY2026 | Official | [1] |
New York City Spending | Education spend | $31.2 billion (26.9%) | FY2026 | Official | [1] [3] |
New York City Spending | Pensions + fringe benefits | $25.2 billion (21.7%) | FY2026 | Official | [1] [3] |
New York City Spending | Social services | $19.3 billion (16.6%) | FY2026 | Official | [1] [3] |
New York City Spending | Debt service | $4.9 billion (4.2%) | FY2026 | Official | [1] [3] |
New York City Fiscal position | FY2026 position Legally bound to balance under GAAP post the 1975 near-bankruptcy; monitored by state Financial Control Board. | Balanced, out-year gaps flagged | FY2026 | Official | [1] |
Los Angeles Budget size | FY2025-26 adopted budget | ~$13.9-14 billion | FY2025-26 | Official | [4] [5] |
Los Angeles Fiscal position | Deficit closed at budget passage Fiscal emergency declared; ~1,000 layoffs averted in final deal. | ~$1 billion | FY2025-26 | Official | [4] |
California (affects LA) Structural facts | Prop 13 property-tax cap Starves CA cities of stable revenue base; pushes them to sales tax and fees. | 1% of assessed value; limited reassessment until sale | Since 1978 | Official | [5] |
Los Angeles region Structural facts | Separate large-government budgets Why LA City budget looks small next to NYC, scope of city government is much narrower. | LA County $48.8B; LAUSD $18.8B | FY2025-26 | Official | [4] [5] |
Chicago Budget size | FY2026 adopted budget | $16.6 billion | FY2026 | Official | [6] [7] |
Chicago Fiscal position | Council vote to adopt FY2026 | 29-19 | December 2025 | Press-reported | [6] [7] |
Chicago Fiscal position | Structural gap closed for FY2026 Similar-size gap must be closed nearly every year, the definition of a structural deficit. | $1.19 billion | FY2026 | Official | [6] |
Chicago Structural facts | Pension obligation posture Decades of underfunding; among the worst credit ratings of any big US city. | Constitutionally uncuttable (Illinois) | Ongoing | Official | [6] |
Chicago Revenue mix | FY2026 gap-closers Grocery tax eliminated; Civic Federation judged package still 'short of the mark' on structural reform. | New rideshare fees, bag taxes, online gaming & liquor taxes | FY2026 | Official | [6] [7] |
Toronto Budget size | 2026 operating budget C$16.6B tax-supported + C$2.25B rate-supported (water/waste user fees). | C$18.9 billion | 2026 | Official | [8] [9] |
Toronto Budget size | 10-year capital plan | C$63.1 billion | 2026-2035 | Official | [8] |
Toronto Revenue mix | 2026 combined property-tax increase Includes city building levy. | +2.2% (~C$92/yr on the average home) | 2026 | Official | [8] [9] |
Toronto Structural facts | Legal budget rule Ontario municipalities must balance every year by law. | Operating deficit not permitted | Ongoing | Official | [8] |
Toronto Structural facts | Municipal pension arrangement Well-managed, jointly funded, no US-style pension crisis. | OMERS (joint provincial fund) | Ongoing | Official | [8] |
Any city Structural facts | Fixed-cost warning threshold (pensions + retiree health + debt service) From the framework in perspective/impact-suite-v2/02-city-budgets.md. | > ~25% of budget | Rule of thumb | Proxy / estimate | [1] [6] |
Any city Structural facts | Economic-base multiplier (export jobs → local jobs) From the reusable framework; used for reading a new city's economy. | 1 export job supports 1-2 local-service jobs | Rule of thumb | Proxy / estimate | [1] |
Sources
- Comments on New York City's Fiscal Year 2026 Adopted Budget (NYC Comptroller)
- NYC's Adopted Fiscal Year 2026 Budget by the Numbers (Citizens Budget Commission of NY)
- Overview of the New York City Fiscal Year 2026 Adopted Budget (CCC New York)
- Bass signs $13.9B LA budget, reaches LAPD hiring deal (ABC7 Los Angeles)
- 2025-26 Budget Summary Pamphlet (Los Angeles City Administrative Officer)
- Chicago's FY2026 Adopted Budget (Civic Federation)
- Chicago's 2026 budget takes effect (WTTW News)
- City of Toronto's 2026 Budget now final (City of Toronto)
- Toronto 2026 budget, council debate (CBC News)