Look what the Kat dragged in.

Mayor Zohran Mamdani unveiled a whopping $124.7 billion executive budget for New York City on Tuesday – built on the back of $4 billion in funny money from Gov. Kathy Hochul.

The governor’s bailout – announced hours before the city budget’s reveal – was quickly criticized as a fiction used to help out her reluctant ally Mamdani as she faces re-election and pressure to appease the lefty mayor’s comrades.

Mamdani, for his part, got to save face by backing away from his months-old threats to impose a nearly 10% property tax hike and drain the city’s reserves to help close a reputed $5.4 billion budget gap – both of which he warned would be necessary if his “tax the rich” dreams evaporated.

“Only fools believed our young mayor would follow through on a property tax hike and service cuts as his first act,” a New York City Democratic strategist said.

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“The threat was tactical chess. The Governor blinked, so the gambit worked but he may have bankrupted his own credibility in the process.”

The supposed state assistance largely consisted of kick-the-can measures delaying massive spending, namely a move to restructure $2.2 billion in pension plan payments.

Another measure that pushes back a mandate for maximum school class sizes was counted by the governor’s office as $508 million in state support, even though it just delayed when the city will have to pick up a costly tab.

A bailout tally provided by Hochul’s office also included a $500 million windfall from a pied-à-terre tax on luxury second homes – despite the levy being still on the drawing board and city Comptroller Mark Levine arguing the revenue estimate is roughly $200 million too high.

The bailout also included $202 million in vaguely described “actions to offset recurring spending obligations.” Officials later clarified that meant the state would pick up half the city’s tap to cover costs of line of duty death benefits for families of first responders. The total tab will be $101 million a year, or $202 million for two years, according to officials.

Hochul also claimed to fork over $361 million in “other actions,” which were not immediately clear.

“The Executive Budget closes over half of the gap with short-term strategies, rather than a full-scale effort to shrink spending that doesn’t deliver for New Yorkers,” said Andrew Rein, president of the Citizens Budget Commission, in a statement.

“A pension gimmick and temporary plugs exacerbate fiscal problems rather than solve them.”

Actual cash only account for a quarter of the bailout mish-mash, but that didn’t stop Hochul from presenting herself as a collaborative political partner to Mamdani.

“This is what a results-driven, responsible partnership looks like and I’m proud to work with Mayor Mamdani to deliver for working New Yorkers,” she said in a statement.

Hochul has tried to walk a razor’s edge with Mamdani since the socialist upstart’s stunning rise, attempting to scoop up his progressive supporters without undercutting her moderate reputation.

But the governor’s opponent, Bruce Blakeman, the GOP’s gubernatorial candidate, blasted the seeming Big Apple giveaway.

“Kathy Hochul just committed the largest daylight robbery in New York history, looting $4 billion from your family’s grocery and rent budget to bankroll Zohran Mamdani’s socialist experiment,” Blakeman said in a statement.

Mamdani rolled out the spending plan in a meandering presentation from City Hall, leaving many details unclear – and without publishing the budget online, as of 5 p.m. 

In the long run-up to the presentation, Hizzoner used the massive budget shortfall as a cudgel to push for a tax hike on millionaires, but that appears DOA at the state level.

“This whole thing proves there was never a budget crisis; it was all for the mayor saying he wants to tax the rich, it was performative,” an insider told The Post.

“It’s all these different things that were just fake. This is the theater of the absurd, manufacture a budget crisis. He basically put the whole city in panic for months.”

Both the proposed property tax hike and the plan to raid the city’s rainy day fund prompted massive blowback from everyday New Yorkers and credit agencies.

City Council Speaker Julie Menin and Councilwoman Linda Lee, who chairs the legislative body’s finance committee, praised Mamdani for avoiding the tax hike or running on reserves.

“While we await a final state budget, we are pleased with Governor Hochul and the state legislature’s commitment to providing the City with billions in additional funds and savings,” they said in a joint statement.

But city Comptroller Mark Levine pointed out that the help from the state does nothing to address potential looming financial challenges.

“There still is a reliance on a number of one-shot measures, and those are tools that are then going to be off the table next year,” he said. “And we are looking at about a $7 billion shortfall for the following fiscal year.”

State Senate Majority Leader Andrea Stewart-Cousins (D-Westchester) said she didn’t have details on the state bailout, but expected it to pass when the Empire State’s budget finally does.

“I don’t think there is a disagreement with the path that has been laid forward to help the city,” she said.

Despite Hochul’s handout, Mamdani’s buddies with the city’s Democratic Socialists of America didn’t extend any love. 

“Closing the deficit was challenging. We did it. That’s an actual victory showing that socialists can govern,” said the DSA’s co-chair Gustavo Gordillo in a statement.

“But to deliver the full affordability agenda we will need a governor who stands with working New Yorkers instead of billionaire donors to make the rich pay what they owe.”

Additional reporting by Matthew Fischetti