New York City Mayor Eric Adams and City Council Speaker Adrienne Adams have shaken hands on what is being called a record $115.9 billion budget for Fiscal Year 2026. This budget, touted as the "Best Budget Ever," promises to make New York safer and more affordable, while also investing heavily in quality of life improvements for its residents, as per statement from the Mayor's office.
One of the headline items of the budget is the complete abolition of personal income taxes for eligible low-income New Yorkers. According to the Mayor's office, this fiscal maneuver will put some $63 million back into the pockets of over 582,000 low-income New York filers, which include their dependents. The agreement includes funding plans for various sectors, from public safety to early childhood education, without resorting on service cuts, layoffs, or raising taxes.
The budget allocates significant resources towards public safety, including a $500 million blueprint to combat gun violence and a plan to swell the NYPD ranks to 35,000 officers by fall 2026. "We are excited to announce that the 'Best Budget Ever' has gotten even better," Mayor Adams said in the press release. The new funding also earmarks over $400 million for Mayor Adams' free universal after-school program, with commitments to ensuring no school loses money despite enrollment drops.
The budget includes major initiatives such as After-School for All, expanded affordable housing efforts, and increased support for minority- and women-owned businesses. A key component is a $755 million plan to provide universal after-school programs for families with children in kindergarten through eighth grade—part of the administration’s broader efforts to improve access to early education. Speaker Adams highlighted the budget’s focus on expanded childcare for working families, seven-day library service, enhanced support for older adults, maternal and mental health care, and public safety programs aimed at reducing recidivism and supporting the planned closure of Rikers Island.
The Adams administration also has its eye on long-term projects, such as the comprehensive redevelopment of the Brooklyn Marine Terminal and the Willets Point Transformation. These projects are expected to deliver thousands of affordable homes, new public spaces, and schools alongside economic development opportunities. The budget also commits funds for an environmental impact study of the Financial District and Seaport Climate Resiliency Project, moving it closer to development.
Amid current economic uncertainty driven by global and local factors, the administration has presented a balanced budget that includes a record $8.5 billion in reserves. The budget outlines a fiscal strategy intended to maintain financial stability while addressing ongoing and anticipated needs across the city.
