Page 16 - The Indian EYE 050324

North The Indian Eye

AMERICANNewsline

16 MAY 03, 2024

Mayor Adams Releases Executive Budget for

Fiscal Year 2025, Making Significant, Sustainable

Investments in New Yorkers

Investments Include Protecting Key Education and Child Care Programs, Doubling Down on

Public Safety Measures to Continue Crime Reductions, Supporting Thousands of Cultural
Institutions, and Putting Money in Pockets of Working-Class New Yorkers

OUR BUREAU improved economic outlook in 2024.
These additional revenues were used
NEW YORK, NY
to help remain balanced in FY24 and
ew York City Mayor Eric Ad- FY25. However, tax revenue growth
ams on Thursday released the is expected to cool in upcoming fiscal
NCity of New York’s balanced years as the local economy slows, bol-
$111.6 billion Fiscal Year (FY) 2025 stering the fact that the city cannot
Executive Budget. Mayor Adams’ rely exclusively on revenue growth to
budget builds on the administration’s resolve fiscal challenges.
actions, since last fall, to stabilize the The FY25 Executive Budget en-
city’s fiscal outlook, and has posi- hances safety and doubles down on
tioned the city to backfill long-term the Adams administration’s efforts
programs that had only been fund- to continue to bring down crime by
ed with temporary stimulus funds adding two more police classes this
while making the investments that year and putting 1,200 additional
double down on the city’s efforts to police officers on the streets by add-
strengthen public safety, rebuild the ing July and October New York City
economy, and make the city more Police Department (NYPD) classes.
livable. These investments will spe- Now, all police academy classes will
cifically add more police officers be fully funded in 2024. This adds
to city streets and subways, protect 2,400 new police officers to city
educational programs with city and streets in the coming year and puts
recurring state funds and increase New York City on the path to having
access to early childhood education, ic, we were determined to protect On the heels of the pandem- a total of 35,000 uniformed officers
provide support for thousands of public safety, rebuild our economy, ic, New York City had to confront protecting New Yorkers in the com-
cultural institutions, and boost pro- and make our city more livable for substantial challenges, filling holes ing years.
grams that improve the quality of life working-class New Yorkers,” said left where long-term programs were The Adams administration’s
for working-class New Yorkers. By Mayor Adams. “We have made great funded with temporary stimulus dol- strong fiscal management, com-
virtue of Mayor Adams’ strong fiscal strides in these commitments, and lars, and the costs of funding fair la- bined with a stronger than anticipat-
management and better-than-expect- today, crime is down, jobs are up, our bor deals that went years unresolved ed economic performance in 2023,
ed revenue, the Adams administra- streets are cleaners, we’re taking on with city employees. While there are helped put the city in a position to
tion balanced the budget, stabilized major quality of life issues, and we still reasons to remain cautious — fund a number of stimulus-funded
the city’s fiscal position and outlook, have financed the most newly con- like slowing revenue growth in com- long-term programs that could be
and prevented major service cuts, tax structed affordable housing in a sin- ing fiscal years — by making smart backfilled with city and state dol-
hikes, or layoffs. gle year in our city’s history. Thanks decisions in the November and Jan- lars. In the FY25 Executive Budget,
FY24 and FY25 remain bal- to our strong fiscal management, we uary plans — like monitoring spend- Mayor Adams uses $514 million in
anced, with outyear gaps of $5.5 bil- are able to invest in the things that ing and trimming agency and asylum city and recurring state funds to sup-
lion, $5.5 billion, and $5.7 billion in matter to New Yorkers in this Fiscal seeker budgets — as well as bet- port key education programs that
Fiscal Years 2026 through 2028, re- Year 2025 Executive Budget, includ- ter-than-expected revenue, the ad- had been funded with expiring stim-
spectively. Growth of $2.2 billion in ing public safety, early childhood ministration has balanced the budget ulus dollars, including mental health
FY25 over the Preliminary Budget education, and the needs of work- and steadied the city’s fiscal position. care, career readiness, and literacy
is driven by stronger than expected ing-class people. As New York City Additionally, tax revenue has programs for New York City public
economic activity in FY24 and an moves toward the future, our core been revised up by $619 million in school students.
improved outlook in FY25. values will continue to guide us as we FY24 and $1.7 billion in FY25 com- Mayor Adams is taking a critical
“When we came into office two continue to build a safer, more equi- pared with the Preliminary Budget step towards making the city clean-
years ago, during the height of anoth- table, and more prosperous city for due to better than anticipated eco- er and greener over generations to
er wave of the COVID-19 pandem- all New Yorkers.” nomic performance in 2023 and an come in his FY25 Executive Budget.

www.TheIndianEYE.com