Mayor, Council come to agreement on $70 billion budget
Mayor Michael Bloomberg and the City Council came together Sunday to announce that it came to an agreement over next year's budget.
The $70 billion spending plan, the final one in the Bloomberg's tenure, doesn't raise taxes for New Yorkers and won't cut major services.
In fact, the plan gives a boom to NYCHA and post Sandy recovery improvements to the hardest hit areas in the city.
"We were able to maintain those goals without stretching taxpayer's wallets," a beaming Bloomberg said while surrounded by Council members at City Hall.
The Council is expected to vote and pass on the budget this week.
The mayor and City Council Speaker Christine Quinn said thanks to several new revenue sources such as the new taxi medallions for livery cabs and higher real estate tax revenues, there will be no cuts to firehouses, libraries or education.
NYCHA will receive $58 million for its senior and after school centers, to counter federal cuts from sequestration. Quinn, said the council and mayor worked hard to get the funding for those services.
"This budget agreement should serve as an example not only to New Yorkers ... but also to our other colleagues in government," she said.
Bloomberg's office added that $250 million will be spent to implement parts of his post Sandy plans to storm-proof the city including coastal improvements in Staten Island and a new ferry landing in the Rockaways.
The mayor warned that the future might not be financially simple for the city. The budget predicts a $2 billion gap for the next fiscal year, but Quinn, a mayoral candidate, was quick to note that the city has always overcome those burdens.
"We're not leaving the next council and next administration bad financial footing," she said. "We've all come together to deliver for New Yorkers."