Mayor Eric Adams released a $102.7 billion preliminary budget for the next fiscal year.
He spoke about investing in the city while responding to “slow economic growth,” remaining focused on austerity, and dealing with last year’s asylum seeker crisis“Our city has shown its courage, compassion, and ‘can do’ spirit as we recover from the pandemic,” said Adams.
The preliminary budget took into account pandemic recovery and raised interest rates that caused inflation. It also attempts to balance the city’s slow growth, office vacancy rates, new labor deals with unions and healthcare costs. The biggest unexpected strain to last year’s budget was receiving approximately 40,000 asylum seekers from other states over the last nine months.
“Since day one, fiscal discipline has been the hallmark of this administration. We are focused on governing efficiently and measuring success not by how much we spend, but by our achievements. This budget protects funding for the essential services that continue to keep the city safe and clean, drive equity and affordability, and keep us on the path to prosperity,” said Adams.
The preliminary budget maintains $8.3 billion in the city’s reserves. This includes $1.6 billion in the general reserve, $250 million in the capital-stabilization reserve, $4.5 billion in the retiree health benefits trust fund and $1.9 billion in the rainy-day fund. Even with the mayor’s best efforts to save and reduce spending, the budget has still gone up from last year to cover new initiatives.
Adams wants to invest in affordable housing, sanitation, public safety and renewable energy. The preliminary budget sets aside $20 million for housing and aims to build 500,000 new homes over the next decade. To meet carbon-reduction and safety targets, the preliminary budget invests $259 million in Local Law 97 and $228 million in street reconstruction projects. The allocation for another academic year is $160 million.
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