Mayor Bill de Blasio and the City Council on June 22 agreed on a $78.5 billion fiscal 2016 budget for New York City that includes funds for 1,300 new police officers.
The move, announced late in the evening, represents a victory for the council. De Blasio had originally opposed the spike in police.
The 51-member council is expected to vote on the spending plan late in the week.
According to de Blasio, the agreement advances key initiatives to tackle income inequality while strengthening the city's long-term fiscal health.
Earlier this month, Fitch Ratings, Standard & Poor's and Moody's Investors Service affirmed the city's general obligation bond ratings. Fitch and S&P rate city GOs AA, while Moody's assigns an Aa2 rating.
De Blasio's executive budget boosted reserves, including $1 billion a year in the general reserve, $2.6 billion for the retiree health benefit trust fund; and the inaugural $500 million capital stabilization reserve.
Other budget highlights include $39 million for universal six-day library service, extended hours and other improvements; $12.7 million for extended learning time at Renewal Schools; and $2.2 million for school-based health centers in fiscal 2017. In addition, the Department of Education will receive $6.6 million to hire 50 additional physical education teachers and conduct a needs assessment to move schools toward full physical education compliance.
