Joint Statement from Speaker Adrienne Adams and Finance Chair Justin Brannan on the Mayor’s Fiscal Year 2025 Executive Budget

 

“The City has a responsibility to invest in the essential services that New Yorkers rely on and can help working- and middle-class families remain in our city. The Mayor’s Executive Budget begins to reverse a fraction of previous cuts that have proven harmful to our city’s stability and were unnecessary in the context of our resilient economy, but significant work remains ahead to ensure a city budget that advances the health, safety, and strength of our communities.

“As responsible stewards of our city’s fiscal health, the Council presented a Preliminary Budget Response that identified $6.15 billion in newly available resources for fiscal years 2024 and 2025. Some of these funds can be used to produce a sound city budget by restoring and ensuring investments in education, cultural institutions, proven mental health and safety solutions, libraries, and many other vital services, yet the Executive Budget only realizes a portion of these resources leaving too many cuts in place. We are disappointed that critical support for key mental health services, programs to reduce recidivism, and libraries that our city desperately needs are not included in the Executive Budget. The Council’s budget response proposed $1.63 billion for the restoration of essential services and set aside nearly $3 billion to protect against fiscal risks and under-budgeted costs, while dedicating $500 million to the Rainy Day Fund and leaving an over $1 billion surplus as a safeguard. The Council’s balanced approach is one that can protect vital services and chart a path towards greater stability for our city and its neighborhoods, outlining the roadmap necessary between the Executive Budget and the Adopted Budget.

“The Council will closely review the Mayor’s Fiscal Year 2025 Executive Budget through our public hearings and other efforts to examine its impact on City agencies and New Yorkers. We look forward to working together as a Council, alongside the Administration and all stakeholders in our city, to deliver a final budget that fulfills our obligations to all New Yorkers and supports their success.”