The City Council released a $127 billion alternate budget plan Wednesday that doesn’t raise property taxes, dip into reserves or cut services to make ends meet — unlike Mayor Zohran Mamdani’s proposal.

Instead, the council’s plan said Mamdani’s projected $6 billion budget shortfall could be resolved by a mix of re-estimated revenues, savings and creative new funding sources — such as renting out the Brooklyn Bridge’s hidden vaults.

“The emperor has no clothes. The council’s plan shows we know how to add,” said GOP Councilman Frank Morano, who represents Staten Island.

“What the mayor has proposed is not based in reality. He wants to raise taxes for ideological reasons. He wants to raise taxes no matter. He’s used scare tactics.”

The new proposal officially puts City Council Speaker Julie Menin and her colleagues on a collision course with Mamdani as he pushes a “tax the rich” scheme to shore up the city’s shaky finances.

The fresh plan also represents a budgetary disconnect between City Hall and the City Council far deeper than between former Mayor Eric Adams and his no-relation counterpart ex-Council Speaker Adrienne Adams, who squabbled over revenue but seldom over actual costs.

“We cannot in good conscience fund the City’s needs on the backs of homeowners or renters, by digging into emergency reserves, or by cutting essential programs,” Menin said in a statement.

“Our response offers a clear alternative to taking those steps, puts the City back on stable footing and invests directly in New Yorkers.”

Democratic strategist Chris Sosa, a Mamdani ally, said the socialist mayor and Menin are simply not aligned.

“Mayor Mamdani and Speaker Menin have fundamentally different approaches to politics that exist beyond ideology,” he said.

“Menin is cautious and builds a lot of risk mitigation into her legislative approach, which includes the budget. That approach is read by the left as protection of a broken status quo. Of a broken status quo that privileges the rich.”

Here are ideas the New York City Council is proposing to close Mayor Mamdani's mind-boggling $5.4 billion budget gap:

• Save more than $1.5 billion a year by refinancing an old employee pension tab to get a better rate and stretch out its payment timeline.
• Reap a little over $1 billion for the combined next two years by trimming a special city tax credit for high-income business owners from 100% to 75%.
• Adjust city payroll records to reflect the fact that many Big Apple government jobs stay vacant for at least part of the year, so the reported expenditure on the books would drop by about $860 million for this year, for example.
• Count on Albany adopting proposed changes to the state’s school aid program, which would add about $775 million in 2027.
• Renting out secret vaults under the Brooklyn Bridge could bring in about $17 million annually.
• Attract fancy foodies to underused city parks by licensing out parts of them to vendors, similar to Manhattan’s Boat Basin, a move that could net a cool $10 million a year.
• Raise city-marina yacht fees to net another $1 million a year.

Mamdani’s plan outlined a mind-boggling $5.4 billion deficit that included $1.1 billion in council-backed programs.

Absent Albany’s approval to soak the rich, Mamdani’s plan to close the gap banked on $3.7 billion from a proposed property tax increase and $1.2 billion in reserve draw-downs to balance the books.

But Menin and her council chums argued in their proposal that Mamdani’s plan often overestimated potential expenses, such as how much the state’s payroll mobility tax will cost the city.

Correcting that mistake would save $44 million, the council argued.

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The council members contended that instead of tax hikes or reserve use, they found $3.5 billion in revised revenue and spending estimates — such as recognizing higher-than-expected construction permit income and underspending on vacant city positions — along with $2 billion in agency efficiencies.

Queens Chamber of Commerce president Tom Grech called that just a “little belt tightening.

“In a budget of this size and scale, there’s always room for belt tightening,” he told The Post. “It’s a challenge, not a crisis.”

The council’s plan also identified $529 million in “revenue enhancements,’’ such as renting secret rooms under the Brooklyn Bridge, hiking marina boat parking rates on yachts and peddling city parks as food courts.

Renting out vaults on the iconic bridge could draw as much as $17 million a year as early as fiscal 2027, according to the council.

Right now, the vaults are used as a glorified parking garage for city-owned vehicles.

But Mamdani’s Transportation Department threw cold water on the suggestion.

The department “opposes this first and foremost for security reasons,” a rep told The Post.

“Secondarily, the area serves as a necessary storage area for vehicles critical to maintaining our bridge infrastructure.”

The council also outlined major ways the city can hold onto dough, including rejiggering how it pays back an old pension tab that would save $1.2 billion a year and cutting a special city tax credit for high-income business owners from 100% to 75% that would lead to $1.02 billion in extra revenue.

The tax credit involves “pass-through entities’’ such as LLCs that’s used as a work-around to the federal cap on deductions for state and local tax payments.

If state government adopts proposed changes that would boost state school aid for English learners, homeless and foster students, as well as 3-K and transportation, the city could gobble up about $775 million more schools in 2027, too, according to the council.

The council’s proposal would also restore funding for programs Mamdani stiffed in his preliminary budgeting, including libraries, cultural institutions, CUNY initiatives and legal services for housing and domestic violence victims.

The plan also pushed new investments, such as expanding Fair Fares to fully subsidize transit for low-income New Yorkers and boosting college savings accounts for public-school students.

“New Yorkers grappling with an affordability crisis should not see a decline in the quality of the services they receive due to a budget dance, and the City Council is committed to fighting to ensure residents receive the investments they deserve,” said council finance Chairwoman Linda Lee.

Mamdani shot back against Menin’s proposal with one of his signature slick videos.

He brushed aside the savings and instead slammed Menin for not groveling for state money.

“The speaker’s $6 billion proposal (in savings) asks Albany for one thing: more time to reduce class size,” he claimed.’

The mayor also argued the council’s plan would slash billions of dollars from city agencies, forcing service cuts — a contention that rankled many council members.

Mamdani’s fellow travelers with the city’s Democratic Socialists of America chapter slammed Menin online — even before she released the details of the budget.

The sharp schism between council members and the mayor also erupted over social media.

“The Mayor’s proposed City budget is a whopping $127 billion,” said Councilwoman Virginia Maloney (D-Manhattan) on X.

“The City’s not broke, we’re just badly managed. And we can balance this budget responsibly without putting our long-term fiscal health at risk.”

“Disappointed to see the narrative around ‘cuts’ being pushed,” Councilman Kevin Riley (D-Bronx) also fired off on social media.

“In truth, the Council is fighting to maintain and strengthen critical services across the city. Narratives like this are extremely dangerous to that process!”

The council’s official X account posted, “It may be April Fools’ Day, but the Council wasn’t kidding when we said NO CUTS to any services or staff.’’

One lawmaker in the state Legislature, which would need to approve Mamdani’s “tax the rich” wish, argued the council has laid out a path that avoids Mamdani’s desire to pull in more tax dollars.

“I don’t think there’s a need to raise taxes,” Democratic Assemblyman Charles Fall, who reps Staten Island and lower Manhattan, said.

“People are complaining about wasteful spending under the prior administration. Well, what is being done about it?”

Some lefty Dems in the state lawmaking body have voiced support for the hikes, though Gov. Kathy Hochul has said she will not raise taxes.

New York City’s budget negotiations will intensify after Hochul and state lawmakers finalize the state’s spending plan — whenever that is. State lawmakers passed a deadline extension Tuesday to give them until April 7 to release a plan.

The state budget was due April 1.

Additional reporting by Matthew Fischetti and David Propper.