June 22, 2015
Agreement Moves Forward Progressive, Responsible, Honest Budget That Tackles Income Inequality and Lifts Up Families Across the City, While Protecting City’s Fiscal Health
Highlights Include New NYPD Officers Coupled with Major Overtime and Civilianization Reforms and Savings, Six-Day Library Service, Extended Learning Time and Health Centers at Renewal Schools, and More
NEW YORK—Mayor Bill de Blasio, Council Speaker Melissa Mark-Viverito, and members of the City Council today announced an early agreement for an on-time and balanced City budget for Fiscal Year 2016. The agreement on an approximately $78.5 billion budget moves forward key initiatives to tackle income inequality and lift up families across the five boroughs, while protecting and strengthening the City’s long-term fiscal health.
“This budget is a reflection of the responsible, progressive, and honest process we’ve built over the last year and a half. Our productive dynamic with the Council allows us to move forward programs that tackle income inequality, keep families safe, and lift up New Yorkers across the five boroughs, all while protecting our City’s fiscal health,” said Mayor Bill de Blasio. “We’re strengthening the NYPD’s ranks, devoting new officers to counter-terror work and neighborhood policing, while securing vital fiscal reforms in overtime and civilianization. We are also making critical investments in our renewal schools, libraries, and so much more. Thank you to Speaker Mark-Viverito, Chair Ferreras-Copeland, and all of their colleagues in the Council for their partnership as we reached this agreement.”
Among a variety of initiatives, tonight’s agreement includes:
Budget monitors have validated the prudent way in which this administration has protected the City’s fiscal health. Earlier this month, all three major rating agencies affirmed the City’s strong, stable ratings. In the Executive Budget, the Mayor boosted reserves to unprecedented levels, including $1 billion a year in the General Reserve to provide much-needed protection in the event of a downturn; $2.6 billion for the Retiree Health Benefit Trust Fund; and the first-ever Capital Stabilization Reserve of $500 million to protect the City’s ability to invest in infrastructure and other needs, allowing the City to retire debt in a potential downturn and pay for research to make capital projects more cost efficient.