New York: Mayor Adams celebrates $112.4b FY 2025 budget

In a landmark decision, the New York City Council has passed the $112.4 billion fiscal year 2025 budget. This monumental budget, approved by City Council President Adrienne Adams and embraced by New Yorkers citywide, promises to tackle the city’s most pressing issues and invest in its long-term prosperity.

Mayor Eric Adams released a statement expressing his gratitude and optimism for the newly adopted budget. “I want to thank City Council President Adams and our City Council partners for rallying with us to pass a budget that tackles the affordability crisis head-on and invests in the future of our city and the workers who make New York the greatest city in the world,” he said.

Despite facing unprecedented challenges, including a staggering $7.1 billion budget deficit and a $4.9 billion international humanitarian crisis, the budget has been meticulously crafted to address key concerns for New Yorkers: housing, child care, and health care.

Key allocations in the FY 2025 budget include:

Affordable Housing: A historic $26 billion investment aimed at addressing the housing crisis and making affordable housing accessible to more New Yorkers.

Early Childhood Education: Comprehensive reforms to support working families and ensure the success of the city’s youngest residents.

Health Care: Strategic measures to combat rising health care costs, ensuring hospitals and health care providers can continue to serve the community effectively.

Quality of Life Improvements: Significant funding to combat illegal cannabis operations, along with substantial investments in cultural institutions, libraries, parks, and public transportation.

Mayor Adams highlighted the administration’s mission to protect public safety, rebuild the economy, and enhance the quality of life for all residents. “Our administration has a clear mission: to protect public safety, rebuild our economy, and make this city a better place to live, and this budget directly reflects that mission,” he emphasized.

The budget’s passage is a testament to rigorous financial management and the collaborative efforts of city leaders. Mayor Adams extended his thanks to the Director of the Office of Management and Budget, Mr. Jiha, City Council President Adrienne Adams, Finance Chairman Mr. Brannan, and the entire City Council for their dedication to putting New Yorkers first.