"On the eve of Mayor Zohran Mamdani's first preliminary budget presentation, Gov. Kathy Hochul announced a $1.5 billion state funding commitment aimed at easing New York City's mounting fiscal pressures and narrowing the projected $7 billion budget gap over the next two fiscal years. Under the agreement, New York State will provide $1 billion in City Fiscal Year 2026 and $510 million in City Fiscal Year 2027, including $510 million in recurring funding."
"Roughly $300 million of the recurring funds will support youth programming, $150 million will restore sales-tax revenues that would otherwise have been retained by the state, and $60 million is earmarked for public health spending. An additional $500 million will be allocated toward shared statecity priorities to be determined in later negotiations. A strong New York City means a stronger New York State, Hochul said in a statement, calling the funding a way to protect services and stabilize the city's finances."
Governor Kathy Hochul committed $1.5 billion in state aid to New York City to help address a projected $7 billion budget gap across the next two fiscal years. The package delivers $1 billion in City Fiscal Year 2026 and $510 million in City Fiscal Year 2027, with $510 million recurring. Recurring funds include roughly $300 million for youth programming, $150 million to restore sales-tax revenues, and $60 million for public health. An additional $500 million will fund shared state-city priorities to be negotiated. The announcement followed criticism from Mayor Zohran Mamdani about a fiscally imbalanced state-city relationship.
Read at www.amny.com
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