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New York City Council Votes to Adopt the Fiscal Year 2024 Budget. The $107 billion budget reflects the Council's priorities to restore investments in essential City services, health and safety, education, and quality of life.

Taxes. The City collected $16.1 billion in tax revenues in 2Q24, $212 million less than in 2Q23. The largest revenue source, the real property tax, was up 5.9%. Sales tax grew $205 million, or 7.7%, fueled by higher prices, strong consumer spending, and growing tourism in NYC.

What is the size of the City's Expense budget? The Fiscal Year 2024 expense budget, which is the current fiscal year, is $114.5 billion, and the Fiscal Year 2025 expense budget is $111.6 billion. How often does the City put out a budget?

Preliminary Budget means the total estimated cost of each individual Project, including design, construction, and other associated costs and services that is established by the City prior to the commencement of design.

The Mayor is responsible for preparing an annual expense and capital budget, which are submitted to the City Council for review and adoption.

Senate Passes 2024-25 Budget Addressing Critical Priorities for New Yorkers & Enacting Key Majority Proposals | NYSenate.gov.

The Administration's Preliminary Plan includes a budget of $114.1 billion in Fiscal 2024 and $109.4 billion in Fiscal 2025.

​​Mayor Eric Adams unveiled a $109.4 billion preliminary budget for New York City, balancing a projected $7.1 billion budget gap by reducing spending on asylum-seeker services and using city reserves on top of higher-than-expected tax revenue.

Council Budget Response Financial Plan Update The City Council's adjustments to the Preliminary Plan result in at least $6.15 billion in newly identified resources that are unaccounted for in the current plan. This includes an additional $2.3 billion in Fiscal 2024 and nearly $3.8 billion in Fiscal 2025.

Where does the money come from? Most of the money spent in the budget comes from the taxes that New Yorkers pay to the state government. But a sizable portion is cash that the federal government gives New York to provide services ranging from highways and transit to health insurance for low-income residents.

The budget expresses all of our key policy decisions and priorities. It determines who we tax and how much, and where we choose to spend our money for programs and services in areas such as education, sanitation, public safety, libraries, social services, housing, and economic development.

New York State's budget process uses an executive budget model, in which the governor is responsible for developing and preparing a comprehensive, balanced budget proposal. This proposal is presented to the Legislature, which modifies and enacts the budget into law.

New York City Council Votes to Adopt the Fiscal Year 2024 Budget. The $107 billion budget reflects the Council's priorities to restore investments in essential City services, health and safety, education, and quality of life.

Taxes. The City collected $16.1 billion in tax revenues in 2Q24, $212 million less than in 2Q23. The largest revenue source, the real property tax, was up 5.9%. Sales tax grew $205 million, or 7.7%, fueled by higher prices, strong consumer spending, and growing tourism in NYC.

What is the size of the City's Expense budget? The Fiscal Year 2024 expense budget, which is the current fiscal year, is $114.5 billion, and the Fiscal Year 2025 expense budget is $111.6 billion. How often does the City put out a budget?

Preliminary Budget means the total estimated cost of each individual Project, including design, construction, and other associated costs and services that is established by the City prior to the commencement of design.

The Mayor is responsible for preparing an annual expense and capital budget, which are submitted to the City Council for review and adoption.

Senate Passes 2024-25 Budget Addressing Critical Priorities for New Yorkers & Enacting Key Majority Proposals | NYSenate.gov.

The Administration's Preliminary Plan includes a budget of $114.1 billion in Fiscal 2024 and $109.4 billion in Fiscal 2025.

​​Mayor Eric Adams unveiled a $109.4 billion preliminary budget for New York City, balancing a projected $7.1 billion budget gap by reducing spending on asylum-seeker services and using city reserves on top of higher-than-expected tax revenue.

Council Budget Response Financial Plan Update The City Council's adjustments to the Preliminary Plan result in at least $6.15 billion in newly identified resources that are unaccounted for in the current plan. This includes an additional $2.3 billion in Fiscal 2024 and nearly $3.8 billion in Fiscal 2025.

Where does the money come from? Most of the money spent in the budget comes from the taxes that New Yorkers pay to the state government. But a sizable portion is cash that the federal government gives New York to provide services ranging from highways and transit to health insurance for low-income residents.

The budget expresses all of our key policy decisions and priorities. It determines who we tax and how much, and where we choose to spend our money for programs and services in areas such as education, sanitation, public safety, libraries, social services, housing, and economic development.

New York State's budget process uses an executive budget model, in which the governor is responsible for developing and preparing a comprehensive, balanced budget proposal. This proposal is presented to the Legislature, which modifies and enacts the budget into law.