New York, NY – On June 30, 2026 Mayor Zohran Kwame Mamdani, City Council Speaker Julie Menin, and members of the City Council reached an agreement on a balanced $125.8 billion Fiscal Year (FY) 2027 budget.
The agreement pairs fiscal responsibility, including adding $350 million to the City’s General Reserve, with investments that strengthen essential public services.
The budget creates a public, online portal that will house documents from across City government related to post-9/11 air quality and health risks. The first batch of records will be released before the 25th anniversary of Sept. 11, with additional documents added on a rolling basis.
“Our Administration inherited a budget crisis built on years of undercounting the true cost of running our city. We made a different choice. We balanced this budget without resorting to austerity. We protected the services New Yorkers rely on, while restoring honesty to the City’s finances. We accelerated the affordability agenda by investing in housing, mental health services, parks, libraries and students of all ages. This agreement proves that fiscal responsibility and public excellence can go hand in hand,” said Mayor Mamdani. “New Yorkers deserve a government that works as hard as they do – and a government as careful with their money as they are. I want to thank Speaker Julie Menin and the City Council for their partnership in getting this budget across the finish line.”
“With this budget, the Council proved that we could responsibly manage the City’s finances while making transformative investments that lower costs for working families, prevent homelessness, expand opportunity for children, and strengthen the services New Yorkers rely on every day,” said Speaker Julie Menin. “This budget reflects what the Council has believed from the very beginning: New York City does not have to choose between fiscal responsibility and investing in our communities. I want to thank my Council colleagues for their partnership throughout this process and Mayor Mamdani and his administration for working with us to reach an agreement that delivers meaningful results for New Yorkers.”
On top of strengthening the City’s long-term fiscal outlook, the budget includes investments in the services New Yorkers rely on every day. It expands access to affordable housing, improves public health and safety and protects the beloved public places that make New York the greatest city in the world.
For years, libraries, parks, public transit discounts, cultural organizations and CUNY faced annual uncertainty as workers and advocates were forced to fight each budget cycle to restore funding. The Mayor’s Executive Budget permanently baselined $31.7 million for the City’s library systems, $15 million for the Parks Department, $25 million for Fair Fares, $10 million for cultural organizations and $15 million for the City University of New York (CUNY). New Yorkers should not have to wonder every July whether their neighborhood library will stay open, their parks will be maintained, or affordable transit and higher education will remain within reach.
Tackling Housing & Affordability Crisis:
Accelerates the preservation of affordable housing by increasing funding for rental assistance and support services, preserving more than 200 units annually ($4.2 million in FY27, growing to $17.5 million in FY30).
Expands on the baselined $54 million investment made in the Preliminary Budget in the Community Food Connection, which supports more than 700 community kitchens and food pantries serving more than 1 million New Yorkers each year ($5 million, baselined).
Invests in a new rental assistance program at the Department of Housing Preservation & Development ($175 million in FY27, $125 million baselined as of FY28).
Build upon the $2.3 million baseline established in the Executive Budget for the Housing Stability Support program that provides low-barrier microgrants to survivors of domestic, sexual, and gender-based violence with the aim of helping impacted individuals maintain safe and stable housing ($1.4 million in FY27).
Additional funding to support the Homeowner Help Desk which, in partnership with the Center for New York City Neighborhoods, provides support to NYC homeowners at risk of displacement, including technical assistance, financial and legal counseling, and more ($500,000 in FY27).
