Hochul’s $227 billion budget plan target NYC’s urgent needs

Albany, NY: Governor Kathy Hochul Feb 1 outlined her Fiscal Year 2024 Executive Budget. The FY 2024 Executive Budget reflects Governor Hochul’s bold agenda to make New York more affordable, more livable, and safer by making smart, responsible investments in mental health care, public safety, housing, education, climate initiatives, and more.

Governor Hochul’s FY 2024 Budget proposal reflects New York’s steady finances, even as global economic trends send mixed signals. All funds spending is $227 billion growing 2.4 percent. Deposits to reserves that had been planned for FY 2024 and FY 2025 will be completed by the end of the current year — two years ahead of schedule – for a total of $24 billion secured for a rainy day.

“I’m committed to doing everything in my power to make the Empire State a more affordable, more livable, safer place for all New Yorkers,” Governor Hochul said. “We will make bold, transformative investments that lift up New Yorkers while maintaining solid fiscal footing in uncertain times.”

Highlights of the Budget

  • $1 Billion Plan Will Fix New York State’s Continuum of Mental Health Care
  • Governor Follows Through on Pledge Not To Raise Income Taxes for FY 2024 Budget
  • New York Housing Compact Will Build 800,000 New Homes, Address Statewide Housing Shortage
  • $337 Million Investment Aimed at Reducing and Preventing Gun Violence
  • Addresses MTA ‘Fiscal Cliff’ While Investing in Public Transit Statewide
  • Investing $5.5 Billion to Promote Energy Affordability, Reduce Emissions, and Clean Our Air and Water, Building on More Than $30 Billion Committed to Climate Action
  • $7.6 Billion, Four-Year Child Care Investment Continues, Eligibility Increased To Include an Additional 113,000 Children
  • $1 Billion Health Care Investments for Capital Projects at Hospitals and Other Facilities
  • $1.3 Billion Economic Development Investments Will Create Jobs of the Future Across the Empire State
  • $1 Billion Investment Will Provide Health Care, Shelter, and Other Critical Services to Asylum Seekers
  • Fully Phases in Foundation Aid, a $24 Billion Commitment to Education that Includes $125 Million for Pre-K, and $250 Million for Learning Loss Tutoring

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