"NYC Budget Deal: $107 Billion Allocated for Affordable Housing, Libraries Spared"

New York City Mayor Eric Adams and City Council Speaker Adrienne Adams announced a $107 billion operating budget for fiscal year 2024, reaching a deal just before the July 1 deadline. The budget includes cuts to city agencies, but funding was restored for meal programs serving seniors and some City University of New York programs. The budget also includes new funding for legal service providers and renews funding for PromiseNYC, a child care subsidy program for undocumented families. The capital budget includes $4 billion for housing, but it won't be recurring. The negotiations were challenging, and some cuts remained in the final budget deal. The Department of Homeless Services and the Department of Correction are among the agencies facing reductions. The budget exceeds last year's adopted budget by $6 billion, making it the largest in city history.