Mayor and Speaker shake on $107 billion FY24 budget deal during tense press conference
The city is still facing significant outyear budget gaps, Adams’ Budget Director Jacques Jiha said. The city faces a $5.1 billion gap in Fiscal Year 2025, $6.8 billion in FY26 and $7.9 billion in FY27.
City Council Speaker Adrienne Adams at press conference for handsake deal on Fiscal Year 2024 adopted budget.The pair said the budget negotiations were quite challenging for both sides and the speaker expressed disappointment that much of the deliberations were focused on restoring the cut funding, rather than putting money towards new initiatives.
“The City’s leaders announced a fiscal year 2024 budget agreement that will please many stakeholders—for the next year. It is essentially a one-year budget that again unfortunately delays the wise but hard choices needed to stabilize the City’s fiscal future,” Rein said. “With the coffers temporarily bulging, the budget increases fiscal cliffs, widens future budget gaps, and misses the opportunity to deposit money into the Rainy Day Fund.
Funding for public schools across the Department of Education will remain flat from last fiscal year, the mayor said, even with a decline in enrollment. The police department will also be funded at roughly the same level as last fiscal year: $5.53 billion.
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