NEWYORK: New York City Mayor Eric Adams, New York City Council Speaker Adrienne Adams, Council Finance Chair Justin Brannan, members of the City Council, and senior members of the Adams administration today announced an agreement to build on the Fiscal Year (FY) 2026 Executive Budget — often called the “Best Budget Ever.”
The on-time, balanced, and fiscally responsible $115.9 billion Adopted Budget for FY 2026 prioritizes investments that will make New York City a safer, more affordable city that is the best place to raise a family, and — for the first-time ever — next fiscal year, New York City personal income taxes for eligible low-income New Yorkers will be abolished.
Thanks to ongoing careful fiscal management, including remaining focused on saving taxpayer dollars and strong revenue performance due to a robust New York City economy, the administration overcame unprecedented challenges in this budget cycle to manage the budget responsibly, support essential services, and make upstream investments that will benefit New Yorkers for generations to come.
The agreement today adds to the substantial investments made as part of Mayor Adams’ Best Budget Ever, which has already seen major investments in the creation of “After-School for All,” a $755-million plan to deliver universal after-school programming to families of children in kindergarten through eighth grade; baselining funding for 3-K citywide expansion and special education pre-K to build on the administration’s work to dramatically expand access to early childhood education; capital investments that include allocating $24.7 billion towards affordable housing through the city’s 10-Year Capital Plan; investing over $400 million to fully fund the transformation the Fifth Avenue in Manhattan into a world-class, pedestrian-centered boulevard; and revitalizing “The Arches,” the public space on the Manhattan side of the Brooklyn Bridge.
This budget is also the first to implement Mayor Adams’ landmark “Axe the Tax for the Working Class” plan, which abolishes New York City’s personal income tax for filers with dependents living at or below 150 percent of the federal poverty line. Because of this plan, which the Adams administration successfully fought to pass in Albany this budget cycle, $63 million will go back into the pockets of over 582,000 low-income New York filers, including their dependents, helping make New York City more affordable for working-class families.
“We are excited to announce that the ‘Best Budget Ever’ has gotten even better,” said Mayor Adams.
“Once again, our administration is proud to have worked with City Council Speaker Adams and the whole City Council to successfully deliver a responsible, on-time, and balanced Fiscal Year 2026 Adopted Budget that prioritizes public safety, affordability, and improved quality of life for all New Yorkers. This $115.9 billion budget builds on our work to protect $1.4 billion in critical programs facing stimulus cliffs; maintains funding for our flagship institutions like CUNY, cultural institutions, and libraries; launches our landmark ‘After School for All’ program by investing more money in free universal after-school programming, and keeps our city on a path to 35,000 uniformed officers by fall of 2026. Today, we are proud to announce new initiatives that invest in our legal support for some of our most vulnerable neighbors, including New York City Public Schools’ immigrant students and families. This budget also invests in making our city more affordable and livable by supporting our minority-and-women-owned businesses, launching the Division of Sustainable Delivery to regulate e-bikes, launching a pilot program to provide childcare for infants and toddlers through two-years-of-age, and stabilizing school budgets so no school receives less funding despite enrollment drops. Next fiscal year will also be the first time our ‘Axe the Tax’ plan will be in effect, putting $63 million back in the pockets of 582,000 low-income New Yorkers and their families. Because of our strong fiscal management, our economy is robust, and we are able to make smart investments that help us achieve our mission of making New York City a safer, more affordable city that is the best place to raise a family.”
“The Council is proud to reach an agreement with Mayor Adams to deliver a city budget that takes critical steps forward to invest in the needs of New Yorkers and our city’s neighborhoods,” said Speaker Adams.
“The Fiscal Year 2026 Adopted Budget will invest in expanded childcare for working families, more seven-day library service, greater support for older adult services, maternal and mental health care, and proven public safety programs to reduce recidivism and help advance the closure of Rikers. This budget agreement is the product of the Council’s consistent and relentless budget advocacy, alongside the people of our city and stakeholders, to deepen investments in the health, safety, and prosperity of all New Yorkers. I thank my colleagues in the Council for our unwavering commitment and collective work to secure the resources our communities and constituents deserve.”
