New York City Mayor Eric Adams released the City of New York’s balanced $111.6 B Fiscal Year (FY) 2025 Executive Budget. Mayor Adams’ budget builds on the administration’s actions, since last fall, to stabilize the city’s fiscal outlook, and has positioned the city to backfill long-term programs that had only been funded with temporary stimulus funds while making the investments that double down on the city’s efforts to strengthen public safety, rebuild the economy, and make the city more livable. These investments will specifically add more police officers to city streets and subways, protect educational programs with city and recurring state funds and increase access to early childhood education, provide support for thousands of cultural institutions, and boost programs that improve the quality of life for working-class New Yorkers. By virtue of Mayor Adams’ strong fiscal management and better-than-expected revenue, the Adams administration balanced the budget, stabilized the city’s fiscal position and outlook, and prevented major service cuts, tax hikes, or layoffs.
FY24 and FY25 remain balanced, with outyear gaps of $5.5 billion, $5.5 billion, and $5.7 billion in Fiscal Years 2026 through 2028, respectively. Growth of $2.2 billion in FY25 over the Preliminary Budget is driven by stronger than expected economic activity in FY24 and an improved outlook in FY25. “When we came into office two years ago, during the height of another wave of the COVID-19 pandemic, we were determined to protect public safety, rebuild our economy, and make our city more livable for working-class New Yorkers,” said Mayor Adams. “We have made great strides in these commitments, and today, crime is down, jobs are up, our streets are cleaners, we’re taking on major quality of life issues, and we have financed the most newly constructed affordable housing in a single year in our city’s history. Thanks to our strong fiscal management, we are able to invest in the things that matter to New Yorkers in this Fiscal Year 2025 Executive Budget, including public safety, early childhood education, and the needs of working-class people. As New York City moves toward the future, our core values will continue to guide us as we continue to build a safer, more equitable, and more prosperous city for all New Yorkers.”
