NYC reaches $112.4 billion budget deal. Here's where the money is going.
NEW YORK -- Negotiations went down to the wire, but Mayor Eric Adams and the New York City Council agreed on a new $112.4 billion budget that will go into effect Monday.
Highlights include $53 million to keep libraries open seven days a week and $2 billion in the capital budget to build affordable housing.
The mayor and Council Speaker Adrienne Adams shook hands Friday while holding a model airplane, symbolizing they "landed the budget plane" and reached a deal at the 11th hour for the new fiscal year.
"The budget is about making life in the city affordable for New Yorkers because we know there's an affordability crisis," Mayor Adams said.
NYC budget breakdown
The budget includes:
- $100 million to open more Pre-K and 3-K seats
- $58 million for museums and cultural institutions
- $53 million to keep libraries open seven days a week
- $2 billion in capital funds for affordable housing to support the "moonshot" goal of building 500,000 new homes over the next decade.
- $20 million to increase the number of people eligible for the city's half-fare subway program, "Fair Fares"
- $63 million to protect public safety and quality of life, including closing down illegal cannabis shops and security protections for NYCHA seniors.
Reversing painful cuts
Many may wonder how the city's fiscal picture went from "doom and gloom" seven months ago, when Mayor Adams announced the first round of painful budget cuts, to "happy days are here again."
The mayor claimed the dramatic shift is because he was fiscally prudent from the start.
"Our early preparation allowed us to look at tax receipts better than we thought and we were really able to land the plane," he said during an appearance on "The Point with Marcia Kramer" that will air on Sunday.
The mayor said early belt-tightening and agency efficiencies helped him go from proposing agency cuts of 15% in November to a budget that allows him to increase the number of people who qualify for reduced subway fares.
"Our goal is really working class people because the city must be affordable to them," he said.
City Council focused on early childhood education
Speaker Adams highlighted the need to enhance one of the City Council's top priorities: early childhood education.
"That's why we put forward strong reforms, including better outreach, converting even more seats to full-day, full-year to meet the needs of working families," she said.
The full council is expected to vote to approve the budget on Sunday, just hours before the midnight deadline. The move also allows the city to send out real estate tax bills.
Watch Mayor Eric Adams' full interview on "The Point with Marcia Kramer" at 11:30 a.m. Sunday on CBS2 and CBS News New York.