New York City Reaches $78.5 Billion Budget Deal

Late Monday night New York City Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito announced they had reached a budget deal with more than a week to go before the July 1 deadline. The spending plan is $78.5 billion—up slightly from the $77.7 billion plan proposed by the mayor in February—and includes many of the priorities pushed by the City Council.

“This budget is a reflection of the responsible, progressive, and honest process we’ve built over the last year and a half," de Blasio said. "Our productive dynamic with the council allows us to move forward programs that tackle income inequality, keep families safe, and lift up New Yorkers across the five boroughs, all while protecting our city’s fiscal health.”

The deal includes $170 million for new NYPD officers dedicated to community policing and counterterrorism, which works out to about 1,300 new hires according to the Associated Press. Putting an additional 1,000 officers on the streets was arguably the City Council's top priority this budget cycle, so this appears to be a clear a win for them. 

Library funding, another City Council priority, was increased by $39 million, which will allow for all branches to remain open six days a week. This is still far short of what some advocates and public officials sought, however, including City Council Majority Leader Jimmy Van Bramer, who called for a $65 million increase in a City & State TV interview in May.  

Nearly $18 million has been earmarked for breakfast in classrooms at 530 elementary schools, $5 million to inspect substandard conditions at three-quarter homes and $1.5 million for additional mayoral staff in the city's quest to end veteran homelessness. 

The budget also adds $1 billion to the city's general reserve fund, creates a $500 million capital stabilization reserve, and adds $2.6 billion to the Retiree Health Benefit Trust Fund, according to a press release from the mayor's office.