Your guide to NYC's public proceedings.
REMARKS
Speaker Adams addresses the fiscal year 2026 preliminary budget hearing
0:02:14
ยท
173 sec
Speaker Adrienne Adams opens the hearing on the fiscal year 2026 preliminary budget, providing an overview of the $114.5 billion budget and highlighting key financial figures, including new spending, gap closures, and federal funding. She acknowledges the inclusion of vital programs while noting missing funding and expressing concerns about potential federal budget cuts.
- Emphasizes the need for prudent budget management in face of fiscal challenges and uncertainties
- Highlights specific funding allocations for programs in education, parks, and homeless services
- Addresses the potential impact of federal budget actions on the city's finances
Adrienne Adams
0:02:14
Thank you very much chair Brannan.
0:02:16
Good morning everyone.
0:02:17
Welcome to today's hearing on the fiscal year twenty twenty six preliminary budget.
0:02:25
Today we will hear testimony from the office of management and budget, the controller, the independent budget office, the department of finance, and of course members of the public.
0:02:34
Before we begin, I too would like to acknowledge my fellow council members who are present here today and thank our finance committee for all of your hard work and dedication.
0:02:44
The fiscal year twenty twenty six preliminary budget totals $114,500,000,000.0, a decrease of roughly $1,000,000,000 since adoption of the fiscal year twenty twenty five budget last June.
0:02:56
The preliminary budget closes the 5,500,000.0 billion dollar gap that was estimated in the fiscal year twenty twenty six November plan through 3,200,000,000 in new city revenues, $2.2400000000.0 dollars in savings from asylum seeker costs, $1,400,000,000 from the fiscal year twenty twenty five in year reserve, and $1,600,000,000 in other sources.
0:03:21
Along with closing the gap, the preliminary budget also added roughly $3,100,000,000 in new agency spending in fiscal years twenty twenty five and 2026.
0:03:31
The current plan includes more than $2,500,000,000 in new needs in fiscal year twenty twenty five and almost $5,000,000 in fiscal year twenty twenty six.
0:03:41
This includes funding for vital programs such as $80,000,000 for summarizing at the Department of Education, twelve point four million dollars for 230 additional second shift workers in city parks, and more than 115,000,000 added to the Department of Homeless Services for safe haven expansion and street outreach.
0:04:00
The council has long supported these programs and welcomes their inclusion in the budget, but there is still important funding missing.
0:04:08
In addition, we know that the Trump administration's extreme budget actions have been harming working families and its further actions threaten the city's budget.
0:04:16
The preliminary budget includes $9,700,000,000 of federal funding in fiscal year twenty twenty five and $7,400,000,000 in fiscal year twenty twenty six.
0:04:25
We have already seen the beginning of this after the so called Department of Government Efficiency attempted to rescind $80,000,000 in FEMA funding that had already been allocated to the city.
0:04:37
Our city must be prepared to defend New Yorkers and work with other cities across the country facing similar threats, and work closely of course with our state government.
0:04:47
Director Jeeha, we look forward to hearing how OMB will be managing these fiscal challenges and uncertainties regarding the future of our city while ensuring the city budget is prudent in protecting New Yorkers.
0:05:00
We hope to work together and find a solution to the problems that we face today.
0:05:04
Thank you all very much.
0:05:05
I turn it back over to our chair.