Mayor de Blasio proposed a $95.3 billion preliminary budget, which is a $2.5 billion or 2.7% increase over the current enacted budget. This is the smallest percentage increase during his tenure as mayor. The mayor cited in his address that he is concerned about the state’s $6 billion deficient and how it could decrease the state’s funding to NYC. As a result, there were no new large spending programs presented in his proposal and a citywide savings plan to generate enough savings to offset any expense increases.
The preliminary proposal includes the following new housing related funding:
- $12.9 million towards improving community centers at New York City Housing Authority developments
- $42 million in additional City funds for the close-out of the Superstorm Sandy Build It Back Single Family program, which will be distributed across the Department of Design and Construction ($17.6 million), the Mayor’s Office of Housing Recovery Operations ($16.8 million), and the Department of Housing Preservation and Development ($7.4 million).
Under the Mayor’s Citywide Savings Program:
- HPD was cited that it will generate $71 million annually in new revenue from the Affordable Independent Residences for Seniors (AIRS) developer fee schedule, which will be used to offset any new budgetary spending.
In response to the Mayor’s preliminary budget, the City Council released a statement asserting, “The council is also mindful that while the city’s economy remains healthy, we must plan for future financial slumps. We will work with the Administration to find savings in the budget while continuing to grow our priorities like Fair Fares, criminal justice reform, education, affordable housing, homelessness and transportation.”
The Mayor will release his final Executive budget at the end of April and the Council must vote on the budget by July 1st.