NYC City Council budget official Richard Lee named Mayor Mamdani's finance head

Josephine Stratman, New York Daily News on Mar 20, 2026

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NEW YORK — New York City Mayor Zohran Mamdani appointed Richard Lee, one of the City Council’s top budget negotiators, as his Department of Finance commissioner Friday.

The move comes as the mayor and council are in the midst of hashing out the city budget for the upcoming fiscal year — a process that already become tense as the city seeks to fill a multibillion-dollar budget gap.

“I’m proud to appoint Richard Lee as our next Commissioner of the Department of Finance,” Mamdani said in a statement. “His command of the City’s budgeting process makes him uniquely qualified to lead the Agency and ensure that our City continues meeting New Yorkers’ needs.”

The department administers the city’s tax laws, collects more than $50 billion in annual revenue and manages New York City’s property taxes — an area that’s gotten more attention with the mayor’s recent proposal to balance the budget with a property tax rate hike.

“As a lifelong New Yorker and son of immigrants, I am thrilled to lead the Department of Finance into this new era, one of opportunity and dignity for all New Yorkers,” Lee said.

Lee will replace correcting acting commissioner Jeffrey Shear, who has served in the role since the start of the year. Lee was hired in December 2022, under former Speaker Adrienne Adams, for his current role in which he leads negotiations on the budget for the Council.

“Throughout multiple budget cycles, Richard demonstrated a rare talent in finding creative solutions to longstanding issues,” former Speaker Adrienne Adams said in a statement. “New Yorkers across all five boroughs stand to benefit from Richard’s advocacy and proven leadership in city government.”

That budget process is currently underway, with the Council going through lengthy budget hearings on the mayor’s $127 billion preliminary budget proposal. Mamdani’s executive proposal is due next month.

Speaker Julie Menin announced Nathan Toth, a city finance vet, as her new pick for the head of finance division role last week, preceding Mamdani’s announcement. Her release did not mention Lee, and the mayor’s release announcing the appointment did not include a quote from Menin.

Also on Friday, Mamdani named city government vets Carl Weisbrod, Lilliam Barrios-Paoli and Larian Angelo to a commission formed to consider giving local elected officials pay raises.

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