Sign in Subscribe
City councils

New York City Budget Prioritizes Public Safety, Youth Opportunities, and Affordable Housing

Strategic Insights

— 2 min read

New York City's Mayor Eric Adams, along with City Council Speaker Adrienne Adams, City Council Finance Chair Justin Brannan, and other council members, announced an agreement for an early and balanced city budget for Fiscal Year 2023. The budget prioritizes public safety, youth opportunities, affordable housing, and other key areas, while also building record levels of reserves to $8.3 billion.

The budget includes a number of new and expanded investments, such as resources for low-income and immigrant childcare vouchers, adult literacy, and improving public spaces. It also funds additional Urban Park Rangers, tree stump removal, and improvements to community gardens and forested areas. The administration and City Council have partnered to secure a significant expansion of the Earned Income Tax Credit and historic funding for childcare. The budget reflects a significant increase in reserves, driven primarily by growth in personal income taxes related to a record level of Wall Street activity.

Key Takeaways:

  • The city budget for Fiscal Year 2023 prioritizes public safety, youth opportunities, affordable housing, and other key areas, while building record levels of reserves to $8.3 billion.
  • The budget includes $226 million for the Subway Safety Plan, $54 million for the Precision Employment Initiative, and $60 million for a baseline contract adjustment for human and legal services providers.
  • The city will provide enriching summer activities for 10,000 more K-12 students, upgrade school cafeterias at 100 schools, and ensure annual funding for 100,000 summer jobs for city youth.
  • The budget expands the New York City Earned Income Tax Credit, provides a property tax rebate for about 600,000 eligible New Yorkers, and adds resources for the New Family Home Visits program.
  • The city will invest $488 million in capital funds to improve public spaces, including planting 20,000 trees per year, enhancing and adding new greenways, and rehabilitating critical infrastructure.
  • The budget includes $5 billion in capital funds for affordable housing, bringing the city's investment in affordable housing to a record $22 billion.
  • The city will launch the Groceries to Go pilot program to provide New Yorkers living with food insecurity with access to an online marketplace for local grocery stores.
  • The budget reflects a significant increase in reserves, driven primarily by growth in personal income taxes related to a record level of Wall Street activity.

Statistics:

  • The city budget for Fiscal Year 2023 is approximately $101 billion.
  • The city's tax revenue forecast has been revised upward by $3 billion in Fiscal Year 2022 and $1.5 billion in Fiscal Year 2023.
  • The budget reflects almost $300 million in savings over Fiscal Year 2022 and Fiscal Year 2023.
  • The city has achieved more than $2.7 billion in savings over Fiscal Year 2022 and Fiscal Year 2023.
  • The budget includes $8.3 billion in budget reserves, the highest level in city history.
  • The city will invest $488 million in capital funds to improve public spaces.
  • The budget includes $5 billion in capital funds for affordable housing.

Sources:

  • New York City Mayor's Office
  • New York City City Council
  • Press Release, New York City Mayor's Office, "Budget Prioritizes Public Safety, Uplifting City's Youth, Helping Working Families, Improving Public Spaces, Boosting Affordable Housing, and Combatting Food Insecurity" (undated)
  • "Early and Balanced City Budget for Fiscal Year 2023" (undated)
  • "Expanded Investments in Low-Income and Immigrant Childcare Vouchers, Adult Literacy, and Improving Public Spaces" (undated)

Read more