According to a recent report by the New York Daily News, the New York City Council has unveiled a budget plan that closes the city’s estimated $5.4 billion deficit without relying on Mayor Zohran Mamdani’s proposals to raise property taxes or drain emergency reserves. The Council’s alternative strategy relies on identifying up to $3.5 billion in existing, untapped city funds to avoid the administration’s previously floated 9.5% property tax hike. Key revenue sources in the new plan include $860 million from unfilled municipal job vacancies, $80 million in uncollected Department of Buildings fees, and $42 million in pending Port Authority revenue. Additionally, the Council is proposing competitive bidding and audits for non-essential contracts within the Department of Education, which could save an estimated $175 million over two years. City Council Speaker Julie Menin strongly defended the approach, stating in a release that the city cannot in good conscience balance its books “on the backs of homeowners or renters” or by cutting essential programs. The proposal sets the stage for negotiations between the Council and the Mamdani administration ahead of the finalized June budget deadline.