Brian Laird on WNYC.

So yesterday, if you haven't heard this, Moody's investor services downgraded New York City's financial outlook from stable to negative.

It came as City Council held its first hearing on the city budget and the mayor's proposals

for the next fiscal year's budget.

You'll recall that the city is facing big deficits and to avoid cutting services, Mayor

Mamdani is seeking to raise revenues through possibly raising

property taxes, but he says that's a last resort if the state doesn't raise income taxes on the

wealthiest individuals and corporations. Property taxes are the only ones the city itself can modify

without the state government's approval.

My next guest was the first person to testify before the City Council Finance Committee

as the head of the Independent Budget Office.

Louisa Chafee is the director of the office that operates independently of any elected

official to weigh in on budget and related matters.

Louisa, welcome back to WNYC. Thank you for coming on.

Well, thank you so much, Brian. On behalf of the IBO, it's a pleasure to be here.

So first, just for a little background, how do you describe the independent budget office

and its role in this process.

It's not a branch of government or government-adjacent thing that listeners are very familiar with.

No, you can't find us on the city website, but we're a tiny box.

So we are a small, independent office, meaning we don't report to the mayor or this controller,

any other elected official.

We were created by voters in the 1989 Charter Revision, and our mission is to provide

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