Speaker Julie Menin and New York City Council Announce Agreement with Mayor Zohran Mamdani on Fiscal Year 2027 Budget

Budget includes historic investment of $1,000 college savings accounts for every public school kindergartner, the largest-ever expansion of Fair Fares, expanded funding for housing vouchers, with investments in parks, libraries, cultural institutions, CUNY, and more

Speaker Menin secures the largest package of capital and expense investments in City Council history

CITY HALL, NY - Speaker Julie Menin and the New York City Council today announced an agreement with Mayor Zohran Mamdani on a $125.8 billion Fiscal Year (FY) 2027 budget that makes historic investments to lower the cost of living, expand opportunity, and strengthen essential services for New Yorkers while maintaining responsible fiscal stewardship.

The FY27 budget includes the largest expense budget and capital commitment in Council history, while making significant investments in affordability, educational opportunity, housing stability, parks, libraries, and cultural institutions. The Council also secured $350 million in additional reserves, strengthening New York City's long-term financial stability.

"With this budget, the Council proved that we could responsibly manage the City's finances while making transformative investments that lower costs for working families, prevent homelessness, expand opportunity for children, and strengthen the services New Yorkers rely on every day," said Speaker Julie Menin. "This budget reflects what the Council has believed from the very beginning: New York City does not have to choose between fiscal responsibility and investing in our communities. I want to thank my Council colleagues for their partnership throughout this process and Mayor Mamdani and his administration for working with us to reach an agreement that delivers meaningful results for New Yorkers."

"Our Administration inherited a budget crisis built on years of undercounting the true cost of running our city. We made a different choice. We balanced this budget without resorting to austerity. We protected the services New Yorkers rely on, while restoring honesty to the City's finances. We accelerated the affordability agenda by investing in housing, mental health services, parks, libraries, and students of all ages. This agreement proves that fiscal responsibility and public excellence can go hand in hand," said Mayor Zohran Mamdani. "New Yorkers deserve a government that works as hard as they do - and a government as careful with their money as they are. I want to thank Speaker Julie Menin and the City Council for their partnership in getting this budget across the finish line."

"Throughout the budget process, the City Council remained steadfast in identifying savings and new revenue opportunities, maintaining a disciplined approach to fiscal management in the face of a budget deficit and an ongoing affordability crisis," said Council Member Linda Lee, Chair of the Committee on Finance. "As Finance Chair, I have witnessed this Council fight tirelessly to deliver a budget that not only protects the City's long-term fiscal health but also makes meaningful investments in the cornerstones and lifelines of our communities. Through the restoration of key programs New Yorkers depend on, this budget demonstrates that fiscal responsibility and compassionate governance are not competing priorities. I thank Speaker Menin for her leadership in this budget negotiation process and the advocacy of my colleagues on the Council to help make a difference in the lives of families across our city."

From the beginning of this year's budget process, the Council maintained that the City's budget gap was manageable, and that New York could avoid raising property taxes, raiding reserves, or making unnecessary cuts to essential services. Instead, the Council secured targeted investments that help working families, protect vulnerable New Yorkers, and strengthen the City's long-term fiscal health.

Among the Council's signature accomplishments in the FY27 budget are:

Expanding Opportunity and Closing the Wealth Gap

The budget secures funding to start a $1,000 college savings account for every public school kindergartner, an historic tenfold expansion of NYC Kids RISE. In addition to the Council's initiatives that address the immediate affordability crisis, this $53 million investment helps families build wealth, expand educational opportunity, and increase wages for the next generation.

Expanding Fair Fares and Other Transit Affordability Programs

The Council secured $54 million to fund a major Fair Fares expansion, in addition to the $120.6 million previously allocated. Eligibility will increase to 200% of the federal poverty level, up from 150% - the largest increase since the program began. An additional 340,000 low-income residents will soon have access to half-price subway, bus, and paratransit fares, raising total eligibility to approximately 1.3 million New Yorkers. The budget also includes $700,000 for a pilot program to provide OMNY Cards to CUNY students and additional funding for current programs which provide similar support.

Preventing Homelessness

The agreement includes $175 million in FY27 and $125 million baselined, starting in FY28, to expand access to housing vouchers for New Yorkers facing eviction and experiencing homelessness not currently eligible for CityFHEPS. The Council has long maintained that preventing homelessness is both more humane and more fiscally responsible than managing homelessness after families lose housing. The agreement also settles a lawsuit challenging CityFHEPS reform laws passed by the Council and includes a commitment to pass legislation that creates a housing voucher structure with expanded eligibility criteria and cost-containment controls.

Restoring Funding for Cultural Institutions, Libraries, and Parks

The budget adds $79.1 million to fully restore funding for parks, libraries, and cultural institutions, ensuring New Yorkers continue to have access to the essential facilities that serve as anchors in communities across the five boroughs. This funding includes:

• Parks Enforcement Patrol, Green Thumb and, Stump Removal: $14.41 million
• Library Support and Restoration: $34.7 million
• Cultural Community Support Restoration: $30 million

Protecting Immigrant New Yorkers

The budget fully restores $86.4 million in funding for a range of services to support immigration legal services providers, help cover their loss of federal grants, and maintain the city's immigration legal services infrastructure that the Council built last year with city agencies.

Delivering Transparency and Accountability Ahead of 25th Anniversary of 9/11

The Council secured $6.25 million for the Department of Investigation (DOI), including $4 million to complete and release its long-awaited report on 9/11 toxins. The funding will help finally deliver transparency and accountability for victims' families, survivors, first responders, and all those seeking answers on what the City knew and when. Additionally, the Council secured $1 million for 9/11-related field trips for students.

Additional Council Priorities

The agreement also includes significant investments in:

• Student Support Programs:
  • Mental Health Continuum: $5 million
  • Immigrant Family Engagement: $4 million
  • Restorative Justice: $6 million
  • Sensory Exploration, Education, and Discovery (SEED): $5.6 million
  • Student Success Centers: $1.4 million
  • PSAL Athletic Trainers: $360,000
• City University of New York (CUNY) Programs:
  • CUNY ASAP: $4.5 million
  • CUNY Accelerate, Complete, and Engage (ACE): $9.1 million
  • CUNY Disability Services: $800,000
  • CUNY Reconnect: $3 million
  • Early Childcare Workforce Development: $2.5 million
• Mental Health Program Investments:
  • Assertive Community Treatment (ACT) Expansion: $4.5 million
  • Intensive Mobile Treatment (IMT) Expansion: $11 million
  • Crisis Respite Centers: $2.5 million
  • Mobile Treatment Step Down Program: $4.5 million
• Older Adult Investments:
  • Home-Delivered Meals Reimbursement Rate Increase and Expansion: $12 million
  • Case Management Restoration: $2 million
• Supportive Housing Repairs: $5.4 million
• Supportive Housing Preservation: $4.2 million
• NYCHA Vacant Unit Readiness: $7.5 million
• Homeowner Support Investments:
  • Homeowner Help Desk Expansion: $500,000
  • Homeowner Stabilization Services Initiative, Including Estate Planning Assistance, Foreclosure Prevention, and Deed Theft and Pre-Purchase Counseling: $5.15 million
  • Heat Pumps in Environmental Justice Communities: $2 million
• Community Food Connection Program Enhancement: $5 million
• Wave Makers Program to Provide Free Swimming Instruction: $1.5 million
• Deliveristas Support Initiative: $2.1 million
• DSNY Lot Cleaning Staff Expansion: $1.2 million
• Housing Stability Microgrants for Domestic Violence Survivors: $1.4 million
  • Increased funding for Domestic Violence and Cybercrimes in Staten Island: $366,000
• Commission on Racial Equity (CORE) Enhancement: $2.1 million
• City Commission on Human Rights (CCHR) Enhancement: $1.6 million
• Pet Food Pantry for Low-Income New Yorkers and Free or Low-Cost Spay and Neuter Services: $750,000
• Maternity Infant Reproduction Program Restoration: $583,000
• DVS Veterans Outreach and Services Expansion: $450,000

The Council will formally adopt the Fiscal Year 2027 Budget at its Stated Meeting on Tuesday, June 30. Additional details on agency funding and budget initiatives will be released following budget adoption.

"I'm proud to be part of a Council that fought for a deal that reflects the needs of our communities. New Yorkers are getting squeezed from every direction, whether it's paying rent or the cost of just getting to work," said Majority Leader Shaun Abreu. "We've built a budget that takes that pressure seriously. Expanding access to housing vouchers protects thousands of families from being one bad month away from the shelter system. Expanding Fair Fares eligibility and securing funding for OMNY cards for CUNY students means the cost of riding the subway won't stand between someone and their job or their degree. Investing in long-promised bus and bike lanes means delivering safer streets and faster commutes. Funding for on-street trash containers will transform our neighborhoods and protect our public spaces. New Yorkers deserve a government that fights for them, and this budget encompasses some real wins."

"This budget reflects our shared commitment to the issues that matter most to families across the Bronx and our entire city," said Council Member Eric Dinowitz. "We funded NYC RISE, early childhood education, and expanded support for students with disabilities from 2K all the way through CUNY. My colleagues and I funded and baselined critical parks funding to ensure that our parks remain oases for all New Yorkers. In this year's budget, we are increasing funding for the Commission on Human Rights and the city's ability to confront housing discrimination. I am proud to work alongside Speaker Julie Menin to deliver a balanced budget in the midst of fiscal constraints to preserve and expand upon our strong social safety net for the millions of New Yorkers who call our city home."

"Our City Council, led by Speaker Menin and Finance Chair Lee, and Mayor Mamdani delivered a budget that fights for New Yorkers in the midst of an affordability crisis," said Council Member Shekar Krishnan. "Together, we secured a budget that ensures New Yorkers have a roof over their heads, enjoy our parks and public spaces, and feel confident that our city government is protecting workers."

"This year's budget demonstrates a commitment to equity, affordability, and community. I'm grateful to Speaker Menin and Mayor Mamdani for working together to secure historic victories: from historic investments in DCWP, to expanding access to housing vouchers, getting vacant NYCHA and supportive housing ready to rent for families in need, funding Fair Fares, to early childhood learning and after school programs for communities across New York City," said Council Member Harvey Epstein. "I am particularly proud of the investment in the Workers Justice Organizing and Education Initiative, that will revolutionize worker protection and economic stability for non-traditional workers. Additionally, we secured funding for pet food pantries and spay and neuter services for pets across the five boroughs. This budget reflects what we can accomplish when we work together to protect essential services and invest in the well-being of all New Yorkers."

"This budget reflects the priorities that matter most to East Side families and New Yorkers across our City: early childhood education, our green spaces and parks workers, seven-day public library service, and solutions to our housing crisis," said Council Member Virginia Maloney. "We expanded access to housing vouchers to help more New Yorkers find stable homes, funded NYC Kids RISE so more students can build a path to college, and invested $30 million in the cultural institutions that make New York such a special place to call home. I'm proud to have worked alongside Speaker Julie Menin and my colleagues to pass a budget that protects essential services, strengthens our communities, and keeps New York moving forward."

"Good government meets people where they are, and this budget does exactly that," said Council Member Shanel Thomas-Henry. "By expanding access to rental assistance and making historic investments to build and preserve affordable housing, while supporting small businesses, street vendors, and our children's future, the FY27 Budget delivers meaningful investments that strengthen our neighborhoods and create more opportunity for every New Yorker."

"As Chair of the City Council's Health Committee, I'm proud that this year's budget makes critical investments in the health and well-being of all New Yorkers," said Council Member Lynn Schulman. "Speaker Julie Menin's leadership has led to one of the most robust city budgets we have ever had, with numerous budget items baselined for the very first time. This budget reflects our values of equity, dignity, and care. I am also very proud that this budget invests in the spay/neuter pilot initiative I introduced last year and provides for a pet pantry program. These investments will save lives, reduce harm, and build a stronger, healthier city for everyone."

"When I became Chair of the Committee on Aging, I made a promise: our seniors would never be an afterthought," said Council Member Susan Zhuang. "I'm glad to see Meals on Wheels getting the funding to expand for those who need it most. As a mother of two, I fought for the places my family and yours call a second home: our parks, now safer with more PEP officers. These are the backyards of New York, and we just made them stronger. And with expanded funding for our libraries, our kids will have a place to read seven days a week. For working families fighting to keep a roof overhead, we expanded access to housing vouchers, because no one should lose their home in the city they helped build. My deepest thanks to Speaker Julie Menin, who championed every one of these fights alongside us. I will keep fighting for the people of District 43 and all of New York City."

"I applaud Speaker Julie Menin and Finance Chair Linda Lee for securing critical investments that help New Yorkers remain in their homes and withstand the rising cost of living," said Council Member Farah N. Louis. "At a time when families are facing mounting financial pressures, the Council delivered $17.1 million to strengthen affordable and supportive housing, $5.65 million to help homeowners avoid foreclosure, prevent deed theft, and preserve generational wealth, $14 million to expand services that allow older adults to age with dignity in their communities, and an additional $2.1 million for the Commission on Racial Equity. These are meaningful investments that will provide stability for working families, protect vulnerable New Yorkers, and build stronger, more equitable communities across our city."

"This was a real negotiation, and at times it was tough between the Mayor and the Council," said Council Member Mercedes Narcisse. "We didn't back down from the priorities that matter to New Yorkers. In the end we came together, and we're proud to pass an on-time budget that works for the people of this city."

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