Mayor Michael Bloomberg and councilmembers yesterday reached an on-time, balanced budget for the upcoming fiscal year, which begins on Monday, July 1, hizzoner’s final budget.
Highlights of the Fiscal Year 2014 budget include no increase in taxes, compensating for federal cuts to public housing and funding toward storm protection.
The city will allocate $58 million toward the New York City Housing Authority after federal budget cuts took place as a result of the sequester in March.
“A Stronger, More Resilient New York” includes a $250 million fund that will be split between securing existing city facilities and building coastal resistance. The Rockaway ferry landing will get $3.3 million from this project.
Since the state Court of Appeals upheld expanded taxi sales, a major revenue boost from outer borough street hail livery service and additional medallions for wheel-chair accessible yellow taxicabs is expected to bring in $300 million this year.
“Our Administration’s final budget reflects the commitment to sound financial management that has helped keep our City on firm financial footing, and to the services and programs New Yorkers rely on. I want to thank Speaker [Christine] Quinn for her effective leadership, as well as the Council Members for their work,” Bloomberg said in a statement.
The budget ending in 2015, however, currently has a $2 billion gap for the next mayor to fill. This number is a slight dip from what was projected.