New York City’s economy continues to grow and diversify, with the strongest two-year job gain ever.
Mayor Bill de Blasio presented New York City's Executive Budget for Fiscal Year 2017 (FY17). The FY17 Executive Budget is balanced, totaling $82.2 billion, an increase over the Preliminary Budget of just $0.1 billion.
• New York City's economy continues to grow and diversify, with the strongest two-year job gain ever, but economic uncertainty around the globe and declining support from state and federal partners pose significant risks.
• The Executive Budget adds even more funding to reserves, which have been at unprecedented highs, while continuing to build on the Citywide Savings Program, which now totals over $2.3 billion for this budget — the largest spending reduction program in the last five years.
• The Executive Budget targets investments in public safety, public health, education, combatting homelessness, vital infrastructure and transportation, and more.
New York City's economy continues to grow and diversify — not just in Manhattan, but in all five boroughs.
De Blasio had previously boosted the city's reserves, and is adding to them in the Executive Budget with another $250 million in the Retiree Health Benefits Trust. In total, the budget includes:
• $1 billion each year in the General Reserve
• $3.7 billion in the Retiree Health Benefit Trust
• $500 million in the new Capital Stabilization Reserve
Capital improvement projects in de Blasio's budget include:
• $70 million in capital funds to build a new, fully-staffed 116th Precinct in southeast Queens, allowing for faster response times and improved crime fighting.
• $21 million in capital funds for new snow removal equipment, focused on increasing responsiveness on smaller, narrow streets.
• A total of $685 million in capital funds in this budget and the upcoming Ten Year Capital Strategy to accelerate construction of the remaining shafts for the Brooklyn/Queens section of Water Tunnel No. 3, while getting the tunnel activation-ready even earlier and creating a new connection to Staten Island.
• $276 million in additional capital funds for reconstruction of key bridges: the Ed Koch Queensboro Bridge, the Brooklyn Bridge, and the Manhattan Bridge.
• An additional $186 million to repave 1,300 lane miles in FY18, bringing FY18 in line with FY17, which will see the highest level of resurfacing in more than a decade.
• $42 million in capital funds to purchase four new ferries and reconstruct a ferry pier at the Brooklyn Navy Yard, part of the citywide ferry system.
• Even more investments in the city's $20 billion climate resiliency plan, including:
— $170 million in city funds for storm water management infrastructure to complement the East Side Coastal Resiliency Project from Montgomery Street to East 23rd Street, which is funded by $335 million in federal dollars and expected to break ground next year.
— $27.5 million in city funds for the Two Bridges section of Lower Manhattan Protect and Connect flood protection, complementing the $176 million recently secured from the federal government, as well as the over $100 million in city funds already invested in the overall project (around the tip of Lower Manhattan).
• $50 million in capital funds for an indoor pool on Staten Island.
For more information, visit [email protected].
Today's top stories