Handshake Deal Struck on NYC’s $101B Budget
On Friday, June 10, 2022, Mayor Eric Adams and City Council Speaker Adrienne Adams reached a handshake agreement on a $101 billion New York City budget — three weeks ahead of July 1, the start of the city’s 2023 fiscal year. Initially presenting a $98.5 billion preliminary budget in mid-February, Mayor Adams proposed an increased $99.7 billion executive budget a month later thanks to higher-than-expected revenue projections. According to the City Council press release, the FY 2023 budget includes many of the Council’s priorities including increasing budget accountability and transparency; prioritizing health, safety, and human services; investing in education and youth; addressing homelessness and increasing access to housing affordability; access to benefit programs and services to support communities; making New York greener and cleaner; and addressing agency operations and government efficiency.
The budget also takes into account the importance of planning for the future, adding $750 million to the Rainy-Day Fund, $750 million to the Retiree Health Benefits Trust, and $500 million to the General Reserve, which now have $1.9 billion, $4.5 billion and $1.6 billion respectively. In addition, almost $3 billion has been separately added to the Labor Reserve over the financial plan in anticipation of negotiating labor agreements with the entire represented workforce; and in total has been replenished by nearly $4.7 billion over this budget cycle.
City Council PR: https://council.nyc.gov/press/2022/06/10/2194/