The City Secures Balanced Fiscal Year 2020 Budget: What You Need to Know

 

On Wednesday, the New York City Council adopted the City’s $92.8 billion budget for Fiscal Year 2020, which begins July 1st. The budget negotiated by the Council and Mayor Bill de Blasio includes commitments towards fiscal responsibility and quality of life improvements.

With over $300 million in planned new savings, the budget also includes a $250 million boost for the City’s reserves and increases the Retiree Health Benefits Trust Fund by $100 million and the General Reserve by $150 million.

Additionally, many of the City Council’s priorities were incorporated into the budget, including placing 200 additional social workers in public schools with an emphasis on mental health specialists, investing over $30 million in the City’s three library systems, and $40 million to launch a public awareness and outreach campaign for the 2020 Census.

Other highlights of the budget include:

The Fiscal Year 2020 budget also includes $10 million for our client Fair Futures. This historic investment in foster youth is the result of the advocacy of young people and a coalition of over 100 nonprofit organizations, foundations, and support organizations. This funding will provide dedicated academic and life skills coaching for foster youth from middle school through age 26. Comprehensive support improves high school graduation rates, increases college enrollment, and reduces system involvement.

Capalino is proud to have worked in partnership with the coalition members and youth advocates to secure this funding which will make a real difference in helping young people achieve their potential.

To learn more about how we can help you with legislative affairs, public policy and budgetary issues, contact Ashley Thompson, Senior Vice President, at ashley@nullcapalino.com or 212.616.5814.

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