The New York City Budget Agreement: What You Need to Know
On June 30, 2021, Mayor Bill de Blasio and the New York City Council Speaker Corey Johnson announced an agreement on the city`s budget for the fiscal year 2022. The budget, which takes effect on July 1, 2021, includes $98.6 billion in spending, the largest in New York City`s history. Here`s what you need to know about the budget agreement and its impact on New Yorkers.
Funding for Education and Social Services
The budget agreement includes significant funding for education and social services. It allocates $5.9 billion for the Department of Education to support universal pre-K and 3-K programs and fully fund Fair Student Funding for all schools. Additionally, $1.3 billion has been set aside for the Department of Homeless Services to combat homelessness and provide supportive housing for New Yorkers in need.
Investment in Public Safety
The budget agreement also invests in public safety, with a focus on community-based programs. It includes $11 million to expand the Cure Violence program, which aims to prevent gun violence by providing support and resources to communities most impacted by it. The budget also includes $31 million for the New York City Police Department (NYPD) to implement new reforms and expand community policing initiatives.
In addition, the budget provides $17 million for the creation of a new mental health crisis response center that will dispatch social workers and mental health professionals instead of police officers in certain situations. This move aims to improve the city`s response to mental health emergencies and reduce the likelihood of violent encounters between police officers and individuals experiencing a mental health crisis.
Investment in Infrastructure and Climate Action
The budget agreement includes $1 billion for road and bridge repairs, $200 million for park improvements, and $160 million for affordable housing initiatives. The city will also invest $2.4 billion in climate action, including $1.2 billion for the New York City Housing Authority to make energy-efficient upgrades to its buildings.
Tax Increases for Wealthy New Yorkers
To fund these investments, the budget agreement includes tax increases for wealthy New Yorkers. The top income tax rate will increase from 3.88% to 4.5% for individuals earning over $1 million per year and for couples earning over $2 million per year. This tax increase is expected to generate approximately $826 million in revenue for the city.
Conclusion
The New York City Budget Agreement for fiscal year 2022 represents a significant investment in education, social services, public safety, infrastructure, and climate action. The agreement also includes tax increases for wealthy New Yorkers to fund these investments. As New York City continues to recover from the COVID-19 pandemic, this budget represents a vital step forward in building a more equitable and resilient city for all residents.