Mayor and City Council Reach Deal on NYC’s $107B FY24 Budget
Following weeks of tense talks, on Thursday, June 29th, Mayor Adams and the New York City Council reached a deal to adopt the Fiscal Year 2024 budget. While some of the mayor’s proposed spending cuts were kept, others such as funding for the city’s three library systems and public schools were restored. The agreed upon $107 billion package that came together just one day before the city’s deadline to finalize an accord is roughly the same amount the mayor had proposed in the spring, suggesting that some of the costlier demands like major investments in education and health programs sought by the city council were not secured. In response to the adopted budget, the Citizens Budget Commission (CBC), which had largely applauded the mayor’s cost-cutting directives, released a preliminary brief statement that the FY24 budget agreement “delays the wise but hard choices needed to stabilize the city’s fiscal future;” and as a result of the FY24 budget, fiscal cliffs have been increased, and future budget gaps widened, while an opportunity to deposit money in the Rainy Day Fund has been lost.
Citizens Budget Commission: https://cbcny.org/advocacy/statement-new-york-city-fiscal-year-2024-budget-agreement