June 30, 2026 — (City Hall, Manhattan) – New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin Tuesday announced an agreement on the city’s budget, which includes major investments in housing stability, education, parks, libraries, cultural institutions and essential services.

The agreement reflects what city leaders described as a commitment to both fiscal responsibility and meaningful investment in New Yorkers. The FY27 budget includes the largest expense budget and capital commitment package in City Council history, while also adding $350 million to reserves to strengthen the City’s long-term fiscal position.

Among the Council’s major victories is a historic $53 million investment to provide $1,000 college savings accounts for every public school kindergartner through an expansion of NYC Kids RISE. The budget also includes the largest-ever expansion of Fair Fares, with $54 million to increase eligibility to 200% of the federal poverty level, allowing approximately 340,000 additional low-income New Yorkers to access half-price subway, bus, and paratransit fares.

Housing stability was also a central focus of the agreement. The Council secured $300 million across FY27 and FY28 to expand housing voucher access for New Yorkers facing eviction and homelessness. This includes $175 million in FY27 and $125 million baselined beginning in FY28. The agreement also resolves years of litigation over CityFHEPS reforms and creates a new rental assistance framework to help tens of thousands of additional New Yorkers remain housed.

The budget further restores and expands funding for neighborhood institutions and essential services, including $79.1 million for parks, libraries, and cultural institutions. This includes $34.7 million for library support and restoration, $30 million for cultural community support, and $14.41 million for Parks Enforcement Patrol, GreenThumb, and stump removal.

We had another successful budget season for a variety of not for profit clients obtaining both expense and capital funding.