Eight months after ordering most city agencies to dramatically cut their spending, Mayor Eric Adams on Wednesday unveiled a $111.6 billion budget plan that
Mayor Eric Adams at a rally celebrating the roll out of his $111.6 billion Fiscal Year 2025 executive budget. Wednesday, April 24, 2024.on Wednesday unveiled a $111.6 billion budget plan that restores some slashed funding — but still leaves areas such as the city’s public libraries on the chopping block.The plan’s release kicks off another round of City Council hearings examining it and negotiations between the two sides of City Hall to agree on a final budget, which must be passed by June 30.
The restorations come after the mayor announced three rounds of 5% cuts to balance the budget, due to increased spending on the migrant crisis, last September. Since then the mayor has slowly walked back across-the-board trims he enacted in November and January, a move he says was possible because of his “strong fiscal management,” better-than-expected revenues and cuts to migrant spending.
The City Council has long held the cuts were not necessary in the first place because the city had enough money coming in revenue to make up for what it has been spending on the migrant influx, as the body’s revenue projections are often higher than City Hall’s. The council earlier this monthin revenue, unspent money and in-year reserves that must be spent — an amount they contend is enough money to reverse all of the mayor’s cuts.
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