With only two days left on the clock, the mayor and the City Council finally reached a deal on the city budget.

Mayor Eric Adams and Council Speaker Adrienne Adams shook hands over their $112 billion budget for the upcoming fiscal year.

The duo employed the mayor’s analogy of “landing the plane” to celebrate the agreement.

What You Need To Know

  • On Friday, Mayor Eric Adams and Speaker Adrienne Adams announced a $112.4 billion budget deal

  • The budget included many restorations to key agencies like libraries, cultural insitutions and early childhood development

  • The budget will become official once the Council passes it. They plan to vote on Sunday afternoon

“Adams and Adams united is here to say we have a deal,” Mayor Adams said at the announcement Friday.

“Eric, we have taxied to the gate. We are ready to deplane, and the Council did not have to go on autopilot,” Speaker Adams said.

One holdup on their joint flight was avoiding cuts to libraries and cultural institutions.

“It is imperative for our city’s future that the budget process moves away from restoring and towards strengthening and building,” Speaker Adams said.

Other areas that saw some funding restored included early childhood development programs that got back $100 million of a $170 million proposed cut.

“It was an issue of — we needed to do more than just restore those cuts. We needed to be smart about it. Because you have a system right now that’s got a waitlist and lots of vacant seats. It needs reform, it doesn’t just need more money,” Councilmember Justin Brannan, who is the Council’s finance chair, said.

Local lawmakers argued for weeks that there was $1 billion more in revenue available to stave off cuts.

“We were clear about the challenges but we were also clear that we have the resources to invest in New Yorkers and protect what they rely on,” Speaker Adams said.

The announcement came just two days before the legally mandated deadline of June 30.

The final budget also includes new investments like $2 billion toward housing, and $500 million toward the city’s rental assistance program known as CityFHEPS. 

“These dollars will support our administration’s moonshot goal of building 500,000 new homes by 2032, as well as our commitment to transforming NYCHA,” Mayor Adams said. “This is a budget that balances fiscal responsibility and taking care of working class New Yorkers.”

The budget isn’t final until the City Council votes on it, which they plan to do Sunday afternoon.