However, the agency has said the costs will stay within its budget
Federal and New York City officials are dismissing speculation that the cost of protecting President-elect Donald Trump will exceed their budget.
The Secret Service denied that they will be renting out a floor in Trump Tower for a year at a cost of $3 million a year.
A spokesman for Mayor Bill De Blasio said the reports of New York City paying up to and over a million a day to protect the President-elect were "inaccurate and unconfirmed".
Officials have conceded, however, that the costs of securing the First Family-elect will be enormous, following Melania Trump's decision to stay in New York with Mr Trump's son Baron.
The budget for protecting the president and first family is classified, and even former agents hesitated to make an estimate out of security concerns. However, a Secret Service spokeswoman said the 2016 budget for "protecting persons and places" was $871.7 million – a number that includes protecting multiple principles, including foreign leaders who visit America.
To pay for protecting Trump before his inauguration, the agency is still operating on its budget set aside for the campaign and transition, about $72 million for labor and travel between October 1st and January 20th.
Permanent new fortifications, and plans to protect Trump’s four adult children Ivanka, Tiffany, Eric and Doanld Jr., will force an already short-staffed agency ramp up its ranks.
“Operating in Manhattan is expensive, and the fact that the Secret Service has to pay, by law, for office space on protectees’ residences, plane tickets on protectees’ planes, there’s a dollar figure that I don’t think you can really estimate right now,” Donald Mihalek, head of the Secret Service division of the Federal Law Enforcement Officers Association said to Politico.
Secret Service veterans have said the cost may vary depending on how much time Mr Trump decides to spend in New York.
New York – its citizens and its government – is already bearing an especially heavy burden for Trump’s security, with major closures and checkpoints on Fifth Avenue. Three unnamed city officials told CNN that the city is already spending a million dollars each day on Mr Trump.