Page 14 - The Indian EYE 012425

North The Indian Eye

AMERICANNewsline

14 JANUARY 24, 2025

NYC Mayor Adams releases Fiscal Year

2026 Preliminary Budget with Investments

in Public Safety, Affordability, Education

Investments Made Possible Through Adams Administration’s Ongoing

Strong Fiscal Management, $3.4 Billion in Total Savings, Robust Economy

OUR BUREAU tion that reduced the flow of migrant
arrivals to New York City — success-
NEW YORK, NY
fully advocated for by the Adams ad-
ew York City Mayor Eric Ad- ministration.
ams on Thursday announced The combination of federal pol-
Nthe release of the Fiscal Year icy to regulate inflow, and city policy
(FY) 2026 Preliminary Budget to to help households exit shelter, has
continue making New York City stabilized the emergency, generating
the best place to raise a family. The the 28 straight weeks of sustained
budget deepens the administration’s census declines to date. As the pop-
commitment to strong fiscal manage- ulation in the city’s care declines, so
ment, achieving savings and reducing do associated costs, which will re-
asylum seeker costs, and makes key duce the asylum seeker budget by
investments that protect critical pro- $1.1 billion in FY25 to nearly $3.3
grams and services, making the city billion and by $1.3 billion in FY26
safer, more affordable, and more liv- to almost $2.7 billion. In total, New
able for working-class New Yorkers. York City has spent more than $6.9
These achievements are also made billion to feed, house, and care for
possible due to the strength of the nearly 230,000 asylum seekers since
national and local economies. the spring of 2022.
crises, keeping New Yorkers safe, 2024 that is expected to continue in Maintaining budget reserves as a
“Strong fiscal management, providing our children with a world- 2025 and 2026. The city’s ongoing safeguard against the unexpected is
class education and our families with recovery and thriving economy — a critical part of the administration’s
combined with our investments affordable child care, developing ma- notably in job creation and tourism strong financial management strat-
in making this a safer, more af- jor infrastructure projects and parks, — reflects the administration’s strong egy. The FY26 Preliminary Budget
investing in cultural institutions, and fiscal management and laser-focus maintains a record level $8.5 billion
fordable city, is allowing us to so much more. Our administration on policies that keep New York City in reserves, including $1.2 billion in
make New York City the best is working hard every day to deliver a safe and clean place to live, work, the General Reserve, $5 billion in
for working-class New Yorkers and and raise a family. the Retiree Health Benefits Trust
place to raise a family,” said make New York City the best place The Adams administration re- Fund, $250 million in the Capital
Mayor Adams. to raise a family.” mains focused on saving taxpayer Stabilization Reserve, and $2 billion
The FY26 Preliminary Budget dollars. Total citywide savings in this in the Rainy-Day Fund.
is $114.5 billion, with gaps of $4.2 plan are $2.7 billion over FY25 and The city will invest $170 billion
“Our administration set the ta-
ble for success by saving billions in billion in FY27, $5.4 billion in FY28, FY26. Adding pension and labor-re- over the next decade to improve in-
taxpayer dollars, and now we are and $5.1 billion in FY29, which are serve savings brings the total to $3.4 frastructure, including roads, bridges,
all lower than at the November 2024 billion in savings across the two years. schools, water and sewer facilities,
able to ensure the continuity of crit- Financial Plan Update. Savings in this plan substantially off- libraries, and transportation systems
ical programs, as well as make the Robust growth in the local and sets agency expense changes over in neighborhoods across the five
new, strategic investments that will national economies drove growth in FY25 and FY26. boroughs. This is the largest 10-Year
move our city forward and improve city tax revenues, which has been re- The asylum seeker savings in this Capital Plan in city history. Through
quality of life for all New Yorkers vised up by $1.1 billion in FY25 and plan are based on a revised forecast many of these investments, the city
without cutting services, laying off $2 billion in FY26, compared with of the asylum seeker census as a re- is also renewing its commitment to
city employees, or raising taxes by a the November 2024 Financial Plan sult of the city’s actions taken to help working-class New Yorkers by using
single penny. We are making major
investments in affordable housing, Update. These gains are driven by migrants take the next steps toward project labor agreements and com-
self-sufficiency, as well as border po- munity hiring goals on capital con-
growth in business taxes fueled by
addressing the severe mental health
strong Wall Street performance in lices by the Biden-Harris administra- struction projects.
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