Contact: Sunny Mindel/Curt Ritter (212) 788-2958
Mayor Rudolph W. Giuliani today announced an agreement with City Council Speaker Peter Vallone and City Council Members to adopt a $35.3 billion Fiscal Year 2000 (FY00) budget. The budget provides the City with its largest surplus in history, approximately $2.5 billion, and increases spending in targeted areas while reducing spending year-to-year by 3.2%.
"I want to thank Speaker Vallone and the City Council for achieving this budget accord so timely and professionally," said Mayor Giuliani. "The Speaker's leadership during budget negotiations has allowed the City to develop another fiscally disciplined budget, which over the last five years has turned New York City around.
"As I proposed in the Executive Budget, this adopted budget will invest additional revenues to reduce out-year gaps and increase spending for education, public safety and quality of life initiatives while keeping City spending under the rate of inflation," the Mayor continued. "Because of the State's reckless decision to approve the repeal of the Commuter Income Tax, Speaker Vallone and I are unable to provide New Yorkers with the many tax cuts initially proposed that would stimulate both economic growth and private sector job creation. After we successfully challenge the repeal of the Commuter Income Tax, however, we will revisit our tax cutting initiatives to provide additional tax cuts that will benefit New York City residents.
"This budget reflects our commitment to improving the quality of life for all New Yorkers. It's an investment in the City's fiscal health that will benefit all New Yorkers well into the next millenium," the Mayor concluded.
Administration for Children's Services
Department for the Aging
Department of Health
The following programs will be covered using tobacco funds:
Health and Hospitals Corporation
The following programs will be covered using tobacco funds:
Department of Homeless Services
Department of Mental Health
The following programs will be covered using tobacco funds:
Youth and Community Development
Pay-As-You-Go Capital
Following Albany's decision to repeal the Commuter Income Tax, the City's initial goal of cutting important business taxes to stimulate the economy and promote job creation has been greatly affected. The Mayor and City Council have agreed to a smaller tax package that will include:
The Mayor and City Council agree that, subsequent to the successful challenge of the Commuter Income Tax, they will seek to reduce additional taxes for New Yorkers that would stimulate both economic growth and private sector job creation.
The Tobacco Financing Council will pass a local law outlining the tobacco securitization deal. This local law is done at the recommendation of rating agencies and financing councils to strengthen this important capital financing initiative.
Additional resources have been made available to the following cultural Institutions:
Sports Authority