Mayor Adams' Statement on Passage of Fiscal Year 2025 Adopted Budget

June 30, 2024

NEW YORK - New York City Mayor Eric Adams today released the following statement after the New York City Council voted to pass the $112.4 billion Fiscal Year 2025 budget agreed upon on Friday by the New York City Speaker Adrienne Adams and praised by New Yorkers all across the five boroughs:

"I want to thank Speaker Adams and our partners in the City Council for joining us in passing a budget that addresses the affordability crisis head-on and that invests in the future of our city and the working-class people who make New York the greatest city in the world. Despite facing unprecedented challenges - including a $7.1 billion budget gap, a $4.9 billion international humanitarian crisis, and hundreds of millions of short-term stimulus dollars used to fund crucial long-term programs - we still passed a collaborative budget that addresses the three things that cost New Yorkers the most: housing, childcare, and health care. This adopted budget reimagines early childhood education to set our working families and youngest New Yorkers on a path to success. It also allocates a record $26 billion in capital for affordable housing, addresses rising health care costs, ensures hospitals and health care providers are not gouging New Yorkers, and makes numerous investments to improve quality of life by enforcing regulations against illegal cannabis operators and funding our cultural institutions, libraries, parks, transit, and more. Our administration's mission is clear: Protect public safety, rebuild our economy, and make this city more livable - and this budget is a direct testament to that mission. We faced our challenges head-on with the City Council, and thanks to our strong fiscal management, we are able to pass a budget that all New Yorkers can be proud of. I thank Office of Management and Budget Director Jacques Jiha and his team, Speaker Adams, New York City Finance Chair Justin Brannan, and the entire City Council for their steadfast efforts in putting New Yorkers first."

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