$88.1 billion NYC budget passed amidst economic crisis

Wednesday after midnight, The New York City Council passed the city’s annual $88.1 billion budget, reduced from the more ambitious $95.3 billion budget that Mayor de Blasio originally proposed.

The session was prolonged until after midnight as the council was waiting to receive a majority of votes, as soon as they hit 26 out of a 51-legislative body the budget was passed.

The budget’s priorities are to restore the economic damage of the coronavirus pandemic, which cost the city millions in unexpected recovery expenses. It has also taken a toll on the overall economic growth since consumer spending has significantly decreased and New Yorkers can barely afford essentials, leaving the city in a large revenue deficit.

In addition to the financial crisis, the city is also dealing with the aftermath of the protests in wake of the murder of George Floyd by Minneapolis cops. This has propelled Mayor De Blasio to cut $1 billion from NYPD’s budget.

The budget also seeks to solve the $9 billion deficit in the city’s treasury. Some legislators are wary that borrowing would leave NYC in even more debt, and therefore proposed to cut down from the Mayor’s budget and add stricter cuts to existing programs.

De Blasio disagreed saying "That leads us to a horrible place. If we have no choice, we'll make tough decisions, but it won't help us recover." He says such budget cuts would force the city to lay off more workers worsening the economic situation.

Governor Cuomo says he is afraid that “We won’t be able to return the funds.” The mayor believes we can, pointing out that after 9/11 Michal Bloomberg successfully borrowed and returned money needed to rebuild. "New York City handled that borrowing authority," de Blasio said. "It's something we need as a last resort."

Ed Reed/Mayoral Photography Office