Mayor Eric Adams and City Council Speaker Adrienne Adams announced a budget agreement for the 2025 fiscal year, totaling $112.4 billion, to address a $7.1 billion gap. The focus is on restoration, with significant investments in early childhood development, city libraries, cultural institutions, housing, and the CityFHEPS voucher program.
City Councilwoman Carlina Rivera highlighted the prioritization of libraries and cultural institutions in the budget deal, emphasizing the significance of funding baselining for these sectors after a prolonged period of recognition. The agreement includes $100 million for early childhood development, $58.3 million for city libraries, $53 million for cultural institutions, $2 billion for new housing investments, and $500 million for CityFHEPS.
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