April 26, 2017
In the face of continued uncertainty, it is more important than ever that cities make smart, targeted investments aimed at improving people’s lives. We cannot respond to threats of funding cuts by pulling back on our own investments or values. Instead, we must continue to make this city a place where everyone can have a chance to succeed. It is our duty to continue building a New York City that is stronger and fairer than it’s ever been before.
– Mayor Bill de Blasio
Today, Mayor Bill de Blasio presented New York City’s Executive Budget for Fiscal Year 2018 (FY18).
The FY18 Executive Budget is balanced, totaling $84.86 billion. This budget:
- Makes targeted new investments in education, public safety and affordability, while deepening previous investments that make a difference in the lives of New Yorkers.
- Maintains reserves at unprecedented highs and continues to build on the Citywide Savings Program with another $700 million in savings, bringing the total to $2.8 billion in savings since the FY17 November Plan.
Click here to view the FY18 Executive Budget.
RESPONDING TO THE REALITIES OF FISCAL UNCERTAINTY
The fiscal climate is plagued with uncertainty. Washington threatens funding cuts, and we’re seeing slower growth in FY17 tax revenues. But because lower revenues are offset by strong property tax receipts, we’re predicting modest growth in FY18.
The City’s future depends on investing in the right priorities today, which is exactly what this budget does. New York City is making targeted, smart investments that improve people’s lives.
The City does recognize the need to be cautious in the face of uncertainty. As a result, this administration has the largest reserves in the City’s history. Specifically:
- $1 billion each year in the General Reserve compared to $300 million annually under prior administrations.
- $4.0 billion in the Retiree Health Benefits Trust Fund with $3.3 billion funded by this Administration.
- $250 million every year of the four-year plan in the Capital Stabilization Reserve that was established by this administration.
As a result, independent monitors and rating agencies continue to affirm the City’s strong budgetary management.
The Administration is also managing out-year gaps and continuing to find savings across City government. As of the Executive Budget, agency and debt savings total $2.8 billion in FY17 and FY18, including $700 million in this Executive Budget alone.
PUTTING OUR MONEY WHERE IT MATTERS MOST
This budget continues to build on the investments we’ve made to make New York City a better city for all while remaining fiscally responsible. Mayor de Blasio’s prior budgets have invested in priorities that can be felt across the five boroughs, such as 200,000 affordable housing units; free high-quality, full-day Pre-K for All; and moving nearly 2,000 additional NYPD officers onto the street on patrol and engaged in community policing.
The FY 2018 Executive Budget deepens investments that make a difference in the lives of New Yorkers across the city by:
- Instituting free, full-day, high-quality 3-K for All for every three-year-old in New York City through a $36 million investment in FY18 and ramping up to $177 million in FY21.
- Ensuring all students can learn in a safe and comfortable environment by installing air conditioning in every classroom at a cost of $28.75 million over five years.
- Providing anti-eviction legal services to low-income families and legal advice to all NYC residents in housing court for $93M annually at full implementation.
- Contributing $38 million in FY18 to invest in our effort to reduce opioid overdose deaths by 35% over the next five years
- Training 3,000 people over three years to work in green jobs using an investment of $12.8 million in FY18 – FY20.
- Expanding the E-Waste Curbside Collection Program in Staten Island and northern Brooklyn for $1.1 million in FY18, and increasing to more than $4 million annually in FY20 and FY21.
- Bringing lower-level boarding to the St. George Ferry Terminal during the morning rush at a cost of $775,000 in FY18, and more annually through the four year plan.
- Help keep all our students safe by reimbursing private schools’ security costs, totaling $19.8 million in FY18.
- Expanding our investment in the ShotSpotter Gunshot Detection system– a proven tool in driving down crime – in the Bronx, Manhattan and Staten Island by investing $720,000 in FY18, and $675,000 annually in FY19 and out.
- Supporting legislation that will allow more senior and disabled New Yorkers to qualify for property tax relief (SCHE/DHE), budgeting $61.6 million in FY18.
- Making housing more affordable by investing $1.9 billion to increase or preserve the number of affordable apartments by 10,000 for households earning up to $40,000 annually, including 5,000 units for seniors and 500 for veterans.
- Expanding services offered by the Department of Veterans’ Services to better reach our veterans at an annual cost of $859,000.
- Renovating 30 existing homeless shelters with $300 million in capital funding as part of the Mayor’s commitment to address homelessness.
- Transforming the “Made in NY” campus at Bush Terminal in Brooklyn into a hub for garment manufacturing and film and television production that will support more than 1,500 permanent jobs at a cost of $136 million capital dollars over FY18-FY27.
- Repairing facades at NYCHA residences, which will cost $120 million in city capital dollars and $235.4 million in federal CDBG dollars over ten years, in addition to the unprecedented $1 billion in City capital funding this administration already committed to NYCHA in FY17.
- Launching a STEAM career hub to connect 400 high school students with technical training with an additional $7.5 million in capital funds invested in FY18.
- Rehabilitating a building at the Brooklyn Navy Yard to become a start-up incubator, ultimately creating 500 jobs with $4 million in capital funding.
- Purchasing sidewalk cleaning trucks that can typically clean a heavily trafficked sidewalk area in a single pass for $1.8 million in capital funds to further the Mayor’s CleaNYC efforts.
- Including $16.4 million in FY18 to fund legal representation for immigrant New Yorkers facing deportation and other immigration challenges.
Investing $100 million towards completion of a contiguous 32-mile pedestrian promenade and bike path
around the whole of Manhattan.