NYC government budget reports or official announcements

NYC $111B Budget Restores Library Funding, Allocates $2B for Housing and Fair Fares

Jun 27, 2024, 11:27 PM

The New York City Council and Mayor Eric Adams have reached an agreement on a more than $111 billion budget that includes significant investments in housing and the restoration of funding for libraries and cultural institutions. The budget deal allocates $2 billion for housing and reverses previously proposed cuts to libraries, cultural institutions, and composting. It also includes funding for Fair Fares and arts programs. This agreement comes after extensive advocacy from council members and public supporters, who opposed the cuts. The revamped Inwood public library, which had been closed for over three years, is set to reopen as part of this budget. The deal is seen as a victory for early childhood education, parks, and cultural institutions, which are essential for families and generate significant economic activity across the city.