New York City Mayor Bill de Blasio announced on Wednesday that he and the City Council had reached agreement on a final $82.1 billion budget for Fiscal 2017, the earliest in 15 years that the two sides had come together to approved a fiscal plan.
"We believe in budgets that are honest, responsible and progressive," de Blasio said in a press conference at City Hall. "And this budget clearly continues the work we have done over the past 2 1/2 years."
The mayor said the final budget included unprecedented reserves, including an additional $250 million in the Retiree Health Benefits Trust Fund that will raise it to $3.9 billion, as well as $1 billion for the General Reserve, and $500 million for the Capital Stabilization Reserve.
In addition, the budget includes about $440 million more in savings.
"Taken together with the preliminary and executive budget savings, the Citywide Savings Plan now totals more than $2.7 billion – the largest spending reduction program in the last five years," de Blasio said.
The mayor also highlighted new investments in cultural institutions across the five boroughs; expanded summer and year-round youth employment programs, and an initiative to aid district attorneys with new investments.
"This budget is not only on time – it's the earliest agreement since 2001, because the administration and council worked together to produce tangible, timely results for New Yorkers," de Blasio said. "We'll grow to 60,000 slots in our Summer Youth Employment Program, continue six-day library service, invest in our cultural institutions, provide our district attorneys with the funds they need to continue combating crime and addressing heroin and prescription drug use, all while protecting the city's fiscal health."
The City Council must now take a full vote on the budget. Council Speaker Melissa Mark-Viverito said she looks forward to signing it in "the next few days."
