Speaker Mayor Adams Reaches Quick Deal for a Balanced and Responsible Budget for Fiscal Year 2023 – Harlem World Magazine

New York City Mayor Eric Adams, New York City Council Speaker Adrienne Adams, New York City Council Finance Chairman Justin Brannan and City Council members.

Today announced an agreement for an early and balanced municipal budget for fiscal year 2023 (FY23). The budget protects the city’s fiscal health by building record levels of reserves – more than $8.3 billion – and making prudent investments that support a fair recovery and make New York safer, more prosperous and a better place. place to live, work and raise a family.

“At this critical time for our city, this budget quickly addresses the issues that matter most and makes the investments that will improve the lives of millions of our fellow New Yorkers,” Mayor Adams said. “With upstream investments to promote public safety, provide real opportunities for young people, provide relief to working families, improve our public spaces, boost affordable housing, address food insecurity and much more, this budget promotes an equitable recovery for New Yorkers around the world. five boroughs. At the same time, we are protecting New Yorkers from the unexpected and building on the fiscally responsible approach our administration has taken throughout the budget process by increasing reserves to the highest level in the city’s history. This is a historic agreement, and I thank Chairman Adams, Chairman of Finance Brannan, and our Board colleagues for their partnership and for “Getting Stuff Done” for all New Yorkers.

Approx. $101 billion budget deal builds on fiscally responsible planning by the Adams administration throughout the budget process. It includes a number of new and expanded investments, including investments in child care vouchers for low-income people and immigrants, as well as adult literacy. To help keep public spaces clean, the budget adds resources for additional litter box service, a waste containerization study, lot cleaning, and rat-resistant litter boxes. And as part of a mutual commitment to park equity, the agreement funds additional city park rangers, tree stump removals and improvements to community gardens and wooded areas in the city.

The budget further includes an annual contract adjustment to help human and legal service providers who were on the front lines of the pandemic, landlord relief with a property tax refund, and funding for the Cultural Development Fund and the Group of cultural institutions of the city.

The administration and city council also partnered this year to secure the first New York City and state earned income tax credit expansion in 20 years and $4 billion in funding for the child care.

Given the importance of planning for the future, the administration and the city council have agreed to deepen their engagement in the construction of reserves; bringing them to $8.3 billion – the highest level in the city’s history. This budget adds $750 million to the Rainy-Day Fund, $750 million to the Retiree Health Benefits Trust and $500 million to the general reserve. There is now $1.9 billion in the Rainy-Day Fund, $4.5 billion in the Retiree Health Benefits Trust and $1.6 billion in the general reserve, as well as $250 million in the reserve capital stabilization.

In addition, nearly $3 billion was added to the labor reserve during the financial plan in anticipation of the negotiation of labor agreements with the entire workforce represented. In total, the labor pool has been replenished by almost $4.7 billion this budget cycle.

Driven primarily by growth in personal income taxes tied to a record level of Wall Street activity, the city’s tax revenue forecast has been revised upward from the executive budget estimate of a just under $3 billion in fiscal year 2022 (FY22) and nearly $1.5 billion in FY23 . These revenues allowed the city to increase reserves to an all-time high and close the fiscal year 23 budget variance by prepaying expenses.

The variances in the outer years are manageable, and the budget reflects nearly $300 million in savings in fiscal years 22 and 23, bringing this administration’s total savings in those years to more than $2.7 billion. billion and $4 billion in additional years of the financial plan. Additionally, the budget reflects more than $250 million in retirement savings in FY23.

Highlights of this year’s budget include:

public safety is a prerequisite for prosperity

  • Resources for the subway safety plan, including funds to expand the Division’s Behavioral Health Emergency Response (B-HEARD) initiative, and the addition of 1,400 new shelters and beds for stabilization by mid-2023 ($226 million in FY23).
  • Expansion of the Precision Employment Initiative to connect up to 3,000 people at risk of participating in gun violence with green jobs ($54 million in FY23).
  • Resources for New York City Department of Corrections Dyslexia Screenings ($1.5 million in FY23).

Support human and legal service providers

  • Basic contract adjustment for human and legal service providers who were on the front lines of the pandemic ($60 million).
  • Increase access to benefits for New Yorkers in need by expanding the capacity of community organizations ($14 million in FY23).

Improving education and expanding career paths for young new yorkers

Boosting working families

Support cultural institutions

  • Add resources for the Cultural Development Fund and the City’s Cultural Institutions Group ($40 million for FY23).

Provide clean and safe public spaces

Investing in Affordable Housing

  • Support for New York City Housing Authority and New York City Department of Housing Preservation and Development affordable housing programs ($5 billion in investment funds, bringing the city’s investment in affordable housing to a record high of $22 billion).

Combat food insecurity and improve nutrition

  • Increase funding for the emergency food assistance program ($30 million in FY23, for a total investment of $53 million).
  • Launch the Groceries to Go pilot program to provide food-insecure New Yorkers with access to an online marketplace for local grocery stores ($10 million in FY23).

More links about Mayor Eric Adams.

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