Budget includes historic investment of $1,000 college savings accounts for every public school kindergartner, the largest-ever expansion of Fair Fares, expanded funding for housing vouchers, with investments in parks, libraries, cultural institutions, CUNY, and more
Speaker Menin secures the largest package of capital and expense investments in City Council history
Speaker Julie Menin and the New York City Council today announced an agreement with Mayor Zohran Mamdani on a $125.8 billion Fiscal Year (FY) 2027 budget that makes historic investments to lower the cost of living, expand opportunity, and strengthen essential services for New Yorkers while maintaining responsible fiscal stewardship.
The FY27 budget includes the largest expense budget and capital commitment in Council history, while making significant investments in affordability, educational opportunity, housing stability, parks, libraries, and cultural institutions. The Council also secured $350 million in additional reserves, strengthening New York City’s long-term financial stability.
“With this budget, the Council proved that we could responsibly manage the City’s finances while making transformative investments that lower costs for working families, prevent homelessness, expand opportunity for children, and strengthen the services New Yorkers rely on every day,” said Speaker Julie Menin. “This budget reflects what the Council has believed from the very beginning: New York City does not have to choose between fiscal responsibility and investing in our communities. I want to thank my Council colleagues for their partnership throughout this process and Mayor Mamdani and his administration for working with us to reach an agreement that delivers meaningful results for New Yorkers.”
“Our Administration inherited a budget crisis built on years of undercounting the true cost of running our city. We made a different choice. We balanced this budget without resorting to austerity. We protected the services New Yorkers rely on, while restoring honesty to the City’s finances. We accelerated the affordability agenda by investing in housing, mental health services, parks, libraries, and students of all ages. This agreement proves that fiscal responsibility and public excellence can go hand in hand,” said Mayor Zohran Mamdani. “New Yorkers deserve a government that works as hard as they do – and a government as careful with their money as they are. I want to thank Speaker Julie Menin and the City Council for their partnership in getting this budget across the finish line.”
“Throughout the budget process, the City Council remained steadfast in identifying savings and new revenue opportunities, maintaining a disciplined approach to fiscal management in the face of a budget deficit and an ongoing affordability crisis,” said Council Member Linda Lee, Chair of the Committee on Finance. “As Finance Chair, I have witnessed this Council fight tirelessly to deliver a budget that not only protects the City’s long-term fiscal health but also makes meaningful investments in the cornerstones and lifelines of our communities. Through the restoration of key programs New Yorkers depend on, this budget demonstrates that fiscal responsibility and compassionate governance are not competing priorities. I thank Speaker Menin for her leadership in this budget negotiation process and the advocacy of my colleagues on the Council to help make a difference in the lives of families across our city.”
From the beginning of this year’s budget process, the Council maintained that the City’s budget gap was manageable, and that New York could avoid raising property taxes, raiding reserves, or making unnecessary cuts to essential services. Instead, the Council secured targeted investments that help working families, protect vulnerable New Yorkers, and strengthen the City’s long-term fiscal health.
Among the Council’s signature accomplishments in the FY27 budget are:
Expanding Opportunity and Closing the Wealth Gap
The budget secures funding to start a $1,000 college savings account for every public school kindergartner, an historic tenfold expansion of NYC Kids RISE. In addition to the Council’s initiatives that address the immediate affordability crisis, this $53 million investment helps families build wealth, expand educational opportunity, and increase wages for the next generation.
Expanding Fair Fares and Other Transit Affordability Programs
The Council secured $54 million to fund a major Fair Fares expansion, in addition to the $120.6 million previously allocated. Eligibility will increase to 200% of the federal poverty level, up from 150% — the largest increase since the program began. An additional 340,000 low-income residents will soon have access to half-price subway, bus, and paratransit fares, raising total eligibility to approximately 1.3 million New Yorkers. The budget also includes $700,000 for a pilot program to provide OMNY Cards to CUNY students and additional funding for current programs which provide similar support.
Preventing Homelessness
The agreement includes $175 million in FY27 and $125 million baselined, starting in FY28, to expand access to housing vouchers for New Yorkers facing eviction and experiencing homelessness not currently eligible for CityFHEPS. The Council has long maintained that preventing homelessness is both more humane and more fiscally responsible than managing homelessness after families lose housing. The agreement also settles a lawsuit challenging CityFHEPS reform laws passed by the Council and includes a commitment to pass legislation that creates a housing voucher structure with expanded eligibility criteria and cost-containment controls.
Restoring Funding for Cultural Institutions, Libraries, and Parks
The budget adds $79.1 million to fully restore funding for parks, libraries, and cultural institutions, ensuring New Yorkers continue to have access to the essential facilities that serve as anchors in communities across the five boroughs. This funding includes:
- Parks Enforcement Patrol, Green Thumb and, Stump Removal: $14.41 million
- Library Support and Restoration: $34.7 million
- Cultural Community Support Restoration: $30 million
Protecting Immigrant New Yorkers
The budget fully restores $86.4 million in funding for a range of services to support immigration legal services providers, help cover their loss of federal grants, and maintain the city’s immigration legal services infrastructure that the Council built last year with city agencies.
Delivering Transparency and Accountability Ahead of 25th Anniversary of 9/11
The Council secured $6.25 million for the Department of Investigation (DOI), including $4 million to complete and release its long-awaited report on 9/11 toxins. The funding will help finally deliver transparency and accountability for victims’ families, survivors, first responders, and all those seeking answers on what the City knew and when. Additionally, the Council secured $1 million for 9/11-related field trips for students.
Additional Council Priorities
The agreement also includes significant investments in:
- Student Support Programs:
- Mental Health Continuum
- Immigrant Family Engagement
- Restorative Justice
- Sensory Exploration, Education, and Discovery (SEED)
- Student Success Centers
- PSAL Athletic Trainers: $360,000
- City University of New York (CUNY) Programs:
- CUNY ASAP: $4.5 million
- CUNY Accelerate, Complete, and Engage (ACE): $9.1 million
- CUNY Disability Services: $800,000
- CUNY Reconnect: $3 million
- Early Childcare Workforce Development: $2.5 million
- Mental Health Program Investments:
- Assertive Community Treatment (ACT) Expansion: $4.5 million
- Intensive Mobile Treatment (IMT) Expansion: $11 million
- Crisis Respite Centers: $2.5 million
- Mobile Treatment Step Down Program: $4.5 million
- Older Adult Investments:
- Home-Delivered Meals Reimbursement Rate Increase and Expansion: $12 million
- Case Management Restoration: $2 million
- Supportive Housing Repairs: $5.4 million
- Supportive Housing Preservation: $4.2 million
- NYCHA Vacant Unit Readiness: $7.5 million
- Homeowner Support Investments:
- Homeowner Help Desk Expansion: $500,000
- Homeowner Stabilization Services Initiative, Including Estate Planning Assistance, Foreclosure Prevention, and Deed Theft and Pre-Purchase Counseling: $5.15 million
- Heat Pumps in Environmental Justice Communities: $2 million
- Community Food Connection Program Enhancement: $5 million
- Wave Makers Program to Provide Free Swimming Instruction: $1.5 million
- Deliveristas Support Initiative: $2.1 million
- DSNY Lot Cleaning Staff Expansion: $1.2 million
- Housing Stability Microgrants for Domestic Violence Survivors: $1.4 million
- Increased funding for Domestic Violence and Cybercrimes in Staten Island: $366,000
- Commission on Racial Equity (CORE) Enhancement: $2.1 million
- City Commission on Human Rights (CCHR) Enhancement: $1.6 million
- Pet Food Pantry for Low-Income New Yorkers and Free or Low-Cost Spay and Neuter Services: $750,000
- Maternity Infant Reproduction Program Restoration: $583,000
- DVS Veterans Outreach and Services Expansion: $450,000
The Council will formally adopt the Fiscal Year 2027 Budget at its Stated Meeting on Tuesday, June 30. Additional details on agency funding and budget initiatives will be released following budget adoption.
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