Mayor and City Council Ink Budget Deal New York City's Budget Up to $75 Billion – But No New Taxes

Mayor Bill de Blasio, New York City Council Speaker Melissa Mark-Viverito and fellow council members reached agreement June 19, 2014 on an on-time and balanced city budget for Fiscal Year 2015—marking one of the earliest budget handshakes in recent history.

Mayor de Blasio said that the approximately $75 billion budget signaled a new, more compassionate era for New York City, with investments in public housing, expanded education programs but with no tax increases or major cuts. However, the new budget is nearly $5 billion more than the previous budget.

Honest Progressive Budget

Defending the increase, city officials said a surge of revenues, thanks to an improved economy, helped make the expansion possible. According to the mayor, the agreement on an approximately $75 billion budget represents a fiscally responsible, progressive, and honest approach to the city’s finances, and moves forward key initiatives that will improve the health and vitality of the city by beginning to address income inequality all the while strengthening the city’s fiscal health.

“A budget agreement is where rhetoric meets the road—and we’ve delivered a fiscally responsible, progressive, and honest budget that will have an enormous impact on New Yorkers across the five boroughs, while protecting our city’s fiscal health,” Mayor de Blasio said in a statement. “This is one of the earliest agreements in recent history—a result of the productive dynamic we’ve developed with the Council that ends the cynical budget dance and delivers results for New Yorkers. I’m grateful to Speaker Mark-Viverito, Chair Ferreras, and all of their colleagues in the Council for their partnership as we reached this historic agreement.”

“This budget process was substantive and thorough, and the result is an on-time and balanced budget that reflects the needs New Yorkers face in public safety, employment, education, health and infrastructure,” said City Council Speaker Melissa Mark-Viverito.

Read More...

Related Articles

Report: New York Senate Proposal Calls for More Condos in Revised 421a Program

NYC Mayor de Blasio's Office Criticized the Move

How Rezoning Can Change a Neighborhood from Industrial to Residential

Brooklyn's Gowanus Neighborhood May Be Next

2015-16 Legislative Update

What's New in New York City and Albany