Mayor Adams, City Council reach $101 billion budget deal

NEW YORK - Mayor Eric Adams and the City Council have agreed to a $101 billion budget deal for the next fiscal year. 

It includes expanding the New York City earned income tax credit by $250 million, to put more money in the pockets of working families. 

It boosting the city's reserves to $8.3 billion, the highest level in city history. 

It adds $3 billion to the labor reserve, in anticipation of negotiating labor agreements, and adds funds for public safety resources. 

 "To achieve community safety, to allocate for programs that make them safer, or provide victims' services," Council Speaker Eric Adams said. 

The budget is due July 1.