Cash-strapped New York City might not be as cash-strapped as City Hall’s financial projections show thanks to an upsurge in tax revenues from real estate, retail, and hotels, the Independent Budget Office said Thursday.

The city watchdog projects that the Big Apple will end its 2023 budget with a surplus of $4.9 billion — and another $2.6 billion for 2024.

That’s substantially better than the projections released by Mayor Eric Adams in January, which had the city ending 2023 with a surplus of just $1.5 billion and facing a deficit of $1.5 billion in 2024.

Additionally, the IBO projects smaller long-term deficits than does Adams’ team — a $2.8 billion shortfall in 2025 against Adams’ $3.2 billion, and a $3.9 billion deficit in 2026 against the administration’s $5 billion.

The biggest risk to the budget, the IBO says, is the city’s expired labor contracts.

Virtually every agreement with municipal labor unions is up for renegotiation and City Hall has only socked away enough money to pay for an across-the-board 1.25 percent raise, which is far below current rates of inflation.

The IBO’s analysis says the Big Apple ended 2022 with 97.6 percent of its pre-pandemic employment rate.

However, the agency said the gains in retail and hospitality expected in 2023 will be offset by cuts in the banking and technology sectors, which have seen waves of layoffs recently.

City Hall did not immediately respond to a request for comment.