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City councils

New York City Announces Early and Balanced Budget for Fiscal Year 2023

Strategic Insights

— 2 min read

The New York City Office of The Governor, Albany has released a statement announcing an agreement for an early and balanced city 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 an equitable recovery and make New York City safer, more prosperous, and a better place to live, work, and raise a family.

This comprehensive budget addresses critical issues facing the city, including public safety, education, and healthcare. The agreement includes investments in low-income and immigrant childcare vouchers, adult literacy, and public spaces clean-up. The budget also includes a significant increase in reserves, a property tax rebate, and funding for the city's Cultural Development Fund and Cultural Institutions Group.

The agreement on the approximately $101 billion budget builds on fiscally responsible planning by the Adams administration throughout the budget process. It includes a number of new and expanded investments, highlighting the city's commitment to equity and inclusivity. Notably, the budget adds resources for the Subway Safety Plan, including funds to expand the Behavioral Health Emergency Assistance Response Division (B-HEARD) initiative, and the addition of 1,400 new Safe Haven and stabilization beds by mid-2023.

Key Takeaways:

  • 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 an equitable recovery.
  • The agreement includes investments in low-income and immigrant childcare vouchers, adult literacy, and public spaces clean-up.
  • The budget adds resources for the Subway Safety Plan, including funds to expand the Behavioral Health Emergency Assistance Response Division (B-HEARD) initiative, and the addition of 1,400 new Safe Haven and stabilization beds by mid-2023.
  • The agreement includes provisions for the New York City Earned Income Tax Credit, a property tax rebate, and funding for the city's Cultural Development Fund and Cultural Institutions Group.
  • The budget highlights the city's commitment to equity and inclusivity, with investments in programs and services for vulnerable populations, including youth aging out of foster care, low-income families, and individuals at risk of participating in gun violence.
  • The agreement includes provisions to deepen the city's commitment to building reserves, with the budget adding $750 million to the Rainy-Day Fund, $750 million to the Retiree Health Benefits Trust, and $500 million to the General Reserve.

Statistics:

  • The budget includes approximately $101 billion in funding.
  • The budget adds resources for public safety, including $226 million for the Subway Safety Plan, $54 million for the Precision Employment Initiative, and $1.5 million for dyslexia screenings in the New York City Department of Correction.
  • The budget includes $101 million for Summer Rising, a program providing enriching summer activities for 10,000 more K-12 students.
  • The budget adds $40 million for the city's Cultural Development Fund and Cultural Institutions Group.
  • The budget includes $43 million for park upgrades and maintenance.
  • The budget adds $53 million for Emergency Food Assistance Program.

Sources:

  • New York City Office of The Governor, Albany - news release (exact citation: New York City Office of The Governor, Albany)

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