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Council Approves $70B City Budget

Mayor Bloomberg, Speaker Quinn and the City Council Agree on a Balanced Budget

On June 23, 1013, Mayor Michael Bloomberg, City Council Speaker Christine Quinn and the New York City Council announced an agreement for an on-time, balanced budget for Fiscal Year (FY) 2014. The budget  includes no tax increases, continues investments in essential City services, and allocates an additional $58 million to the New York City Housing Authority (NYCHA), filling some of the gap caused by Federal sequester cuts. Additionally, $250 million in City capital funds are set aside for resiliency measures to protect against climate change.

The budget includes more than $6 billion in savings for FY 2014 generated through 12 rounds of deficit closing actions taken by City agencies since 2007. 

Capital Funds for Resiliency Measures
As part of the $250 million for resiliency, approximately $100 million will support high-priority infrastructure investments that City agencies must make to secure critical facilities and ensure services can continue during and after future storm events. The remaining $150 million will fund resiliency projects, including:

    •  $47 million for costal protection improvements on the East Shore of Staten Island;
    •  $40 million to raise bulkheads in low-lying neighborhoods;
    •  $19.7 million to expand Bluebelts in Staten Island; and
    •  $3.3 million in matching funds for Federally-funded ferry landing in the Rockaways.

NYCHA Aid, Cultural Institutions and Libraries
The City allocated $58 million to be used to support NYCHA’s core mission of providing public housing while helping to maintain senior centers and other community programs. The City will also provide approximately $13 million to the Department for Youth and Community Development and the Department for the Aging to provide services to NYCHA residents.  There will also be increases in the funding to the City’s library system, which will allow for, on average, more than five days of service throughout the system.

Other Changes
Other changes include debt service savings of approximately $200 million in FY 2014 primarily by taking advantage of low interest rates.  The New York State Court of Appeals also upheld a State law allowing the City to move forward with the medallion sales of an additional 2,000 medallions for wheel-chair accessible yellow taxicabs, which will generate approximately $1.4 billion over the next few years, beginning with $300 million in estimated revenue in FY2014.

The budget agreement ensures a balanced budget for FY 2014, but New York City will face a budget gap of approximately $2 billion in FY 2015.

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