NYC adopts $112.4B budget: How it affects pre-K, libraries, and housing

New York City Mayor Eric Adams, alongside New York City Council Speaker Adrienne Adams and other city officials, announced Friday that a $112.4B budget deal for 2025 has been reached. 

Officials say the budget addresses a $7.1B gap and aims to invest in the city's future.

"We know New Yorkers, like all Americans, are struggling with an affordability crisis, so today, we are delivering a budget that invests in the future of our city and the working-class people who make New York City the greatest city in the world," said Mayor Adams. 

Investment in Education

The budget includes a $100M investment in early childhood education, including reducing waitlists for Special Education Pre-K seats, supporting undocumented children and their families who are not eligible for day and yearly child care, and identifying seats for over 1,700 families who did not receive offers in the 2024-25 school year for Pre-K and 3-K.

It also includes over $600M in new funding to protect critical education programs, like restoring Summer Rising extended day and Friday programming for middle schooners, supporting community school programming, investing in teacher recruitment efforts, and expanding arts education in schools. 

The budget also restores $58.3M in funding for New York City's libraries. Library supporters had lobbied against the cuts, arguing that they would force libraries to close on Saturdays to make up the shortfall. 

Health and Housing

The fiscal plan also addresses housing affordability, with $2B in capital funds allocated to the New York City Department of Housing Preservation and Development and the New York City Housing Authority in order to support the Adams administration's goal of 500,000 new homes over the next decade.

Finally, the budget also restores the city's Department of Health and Mental Hygiene contracts for HIV-related programs, expands the Office of Health Care Accountability, and supports existing Trauma Recovery Centers for victims of violent crime.

"The Council is proud to reach an agreement with Mayor Adams to restore and secure funding for essential services that are critical for New Yorkers’ health, safety, and well-being," said Speaker Adams. "These investments in affordable housing and homeownership, early childhood education and CUNY, libraries and cultural institutions, parks and sanitation, senior services and youth programs, mental health, and public safety programs support our residents in every community."

The budget will maintain a near-record $8.2B in reserves, including $1.2B in the General Reserve, $1.96B in the Rainy Day Fund, $4.8B in the Retiree Health Benefits Trust, and $250M in the Capital Stabilization Reserve.