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New York City Hall has approved the budget for 2025: it contains a lot of good news for citizens

'25.01.2024'

Lyudmila Balabay

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The New York City mayor's office has approved a preliminary budget for fiscal year 2025. Despite the deficit, it was possible to balance it without layoffs of municipal employees. The mayor of the city, Eric Adams, prepared a short statement on this matter. Below is a translation of this speech on behalf of the first person.

We are proud to report that jobs have increased, crime has decreased, tourists have returned, our streets are cleaner and our children's test scores have improved. We accomplished all of this and provided New Yorkers with a balanced budget.

New Yorkers must understand how we have achieved a balanced budget that invests in working-class families despite the “perfect storm” of COVID-19 federal funding cuts, slowing tax revenue growth, and an ongoing humanitarian crisis that has left fewer In less than two years, more than 170 asylum seekers have arrived in our city.

Despite a record $7,1 billion deficit, we were able to balance and stabilize the budget without laying off a single city worker, without raising taxes, and with minimal disruption to the services New Yorkers rely on. It is the result of careful financial planning and management.

We made difficult but necessary decisions, including the hiring freeze and the Program to Eliminate the Gap (PEG) savings program. Those moves, along with an unexpectedly strong economy and lower spending on asylum seekers, helped balance the budget.

To properly address the migrant influx crisis, we helped file more than 27 applications for asylum, work permits, and Temporary Protected Status (TPS).

We have restored funding for the April police academy, meaning 600 more officers will be on our streets this fall. In addition, we have increased the number of firefighters at 20 engine manufacturing plants in the city, because more firefighters on the job always helps.

The City will be servicing 23 waste bins across five boroughs and will continue to install the award-winning 'Future Waste Bins' to ensure we continue to win the war on rats. We will continue to fund the Parks Opportunity Program, which keeps public spaces clean and green and helps residents find jobs.

Our administration has restored funding to 170 public schools to ensure students and their families can continue to receive the support they need, both in and out of the classroom. Additionally, for the first time, our city will invest new funds and fully fund Summer Rising, a program that impacts 110 children and was originally funded with federal funds.

Finally, libraries in all five boroughs will maintain their current funding levels so they will not have to further cut library programs and services that New Yorkers of all ages love.

On the subject: Personal experience: I used cash only for several months and it greatly affected my budget

All of these victories are made possible by our financial planning and discipline, which keeps our city safe and clean and opens doors of opportunity for everyone.

But we must continue to be careful.

Experts expect the economy and job markets to slow this year and asylum seekers to continue to arrive, so we must be vigilant and remain focused on making government more efficient and spending taxpayer money carefully. That's why we're proud that our preliminary budget includes a near-record rainy day fund of $8,2 billion.

Managing a city of any size is never easy. And balancing the many competing demands of a city like New York requires us to think ahead and make the best decisions. Everything we do is designed to make this city safer and better for the working class. This is what the FY 2025 budget aims to do.

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