Tuesday, January 9, 2024
Year : 1, Issue : 19
Gov. Kathy Hochul unveiled her administration’s record-breaking $233 billion budget for the next fiscal year — with more cash for New York City’s migrant crisis than was expected. The 2025 fiscal year budget plan adds $500 million to the city’s funding for the crisis, increasing the investment next year by the state from $1.9 billion to $2.4 billion.
The governor rolled out her executive budget proposal in an address Tuesday morning, just hours before Mayor Eric Adams was set to unveil his administration’s approximately $110 billion budget.
City Hall is also expected to announce financial cuts to pay for the tens of thousands of asylum-seekers who have come through the city since 2022. That builds on the $1.9 billion already included in this year’s budget, giving Big Apple officials $3.4 billion available for reimbursements.
The new injection of funds by Hochul builds on cash the state attributed to the city for the migrant crisis last year, for a total $4.3 billion. Along with the roughly $150 million from the feds, the city will have almost half of the projected cost of the crisis covered after reducing shelter costs to $10 billion.
Additional details from Hochul’s state budget plan include:
n More than $40 million to tamp down on retail theft; n Recommending an extension of mayoral control of schools by four years; n No tax increases; n $3.8 million for flood resiliency; n $10 million to combat hate crimes; n $100 million to pay for campaign financing; n “The Executive Budget sets the State on a trajectory to make continued, sound, and sustainable investments,” budget director Blake Washington wrote in the briefing book. “It does not raise taxes and maintains a historic level of reserves to mitigate the impact of any future economic downturn.”
Source: New York Post
