Summary:

$115 billion revised NYC budget for FY2025, a $3 billion increase.
Funding for 1,600 new police officers.
Significant investment in cash assistance ($467 million) and rental assistance ($115 million) programs.
Budget gaps remain for FY2026-2028, though slightly reduced.
No funding restoration for previously cut programs like Parks Department.

NYC Budget 2025: A Closer Look

New York City's budget for fiscal year 2025 has received a significant boost, increasing to $115 billion—a $3 billion increase from the initial budget. This increase is largely due to higher-than-expected tax revenue and increased federal and state grant funds.

Key Budget Highlights:

Increased Spending: The additional funds have been allocated to various crucial areas.
Public Safety: Funding for 1,600 new police officers has been approved, restoring previously canceled Police Academy classes.
Social Programs: Significant investments have been made in the city's cash assistance program ($467 million) and the City Fighting Homelessness and Eviction Prevention (CityFHEPS) rental assistance program ($115 million).
Education: Funding for technology resources ($80 million) and school contract nurses ($65 million) in public schools has been secured, previously covered by temporary stimulus funds.
Healthcare: $6.7 million has been allocated to support the Bellevue Outposted Therapeutic Housing Unit for incarcerated patients with serious health conditions.
Other Initiatives: Funding for Operation Padlock to Protect, combating unlicensed smoke and cannabis shops, has also been increased by $1 million.

Budget Gaps and Savings:

Despite the increase, budget gaps remain projected for the coming years. These are slightly lower than projections from the June budget adoption:

Fiscal Year 2026: $5.46 billion
Fiscal Year 2027: $5.57 billion
Fiscal Year 2028: $6.34 billion

The city projects $785 million in savings for fiscal year 2025, with $436 million of these savings attributed to lower-than-anticipated migrant shelter costs.

Unfunded Priorities:

Despite the positive aspects, it's important to note that the budget did not restore funding to several areas where cuts were previously made, including the Parks Department, despite advocacy efforts.

Source: City & State New York