NEW YORK, NY \u2013\u00a0TODAY, Mayor Zohran Mamdani and Governor Kathy Hochul announced New York State will\u00a0allocate\u00a0an\u00a0additional\u00a0$1.5 billion in operating expenses over two years to help address New York City\u2019s fiscal challenges.<\/p>\n
This additional funding includes $510 million in recurring funding targeted towards costs that had shifted from the state to New York City under prior administrations, including approximately $300 million for youth programming, a restoration of $150 million in sales tax receipts that would have otherwise been retained by the state and $60 million for public health. The remaining $500 million will be targeted to shared priorities to be\u00a0determined\u00a0in\u00a0subsequent\u00a0discussions.<\/p>\n
\u201cWorking New Yorkers did not create this budget crisis and they should not be the ones to pay for it. After years of staggering fiscal mismanagement under the\u00a0previous\u00a0administration, our city deserves responsible and collaborative leadership,\u201d said\u00a0Mayor Zohran Kwame Mamdani.\u00a0\u201cI am heartened by this budgetary progress and Governor Hochul\u2019s partnership at this critical moment. This is what it looks like to begin a new, productive and fair relationship between City Hall and Albany \u2013 focused on delivering for working New Yorkers.\u201d<\/p>\n
\u201cA strong New York City means a stronger New York State. This investment protects services and puts the city on stable financial footing,\u201d said\u00a0Governor Kathy Hochul. \u201cNew Yorkers expect the state and the city to work together, and I\u2019m proud to partner with the\u00a0Mayor\u00a0to deliver for working families.\u201d<\/p>\n
Governor Hochul has increased support for New York City every year since taking office. This investment builds on her recent commitment to expand universal\u00a0child care\u00a0in New York City.<\/p>\n
In recent weeks, the Mayor reduced New York City\u2019s budget gap to $7 billion by deploying in-year reserves, committing to an agency savings plan and incorporating higher-than-expected revenues. Together, the Mayor and Governor are forging a renewed partnership between City Hall and Albany focused on restoring fiscal responsibility and building a balanced budget that delivers for working New Yorkers.<\/p>\n
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