Adams Releases 2024 Preliminary Budget

By Mindy Cohn

New York City Mayor Eric Adams released a preliminary 2024 $102.7 billion budget proposal today.

Crafted in response to slowing economic growth, the budget reflects Adams' ongoing commitment to promoting an equitable recovery by investing in affordable housing, keeping city streets clean, ensuring the safety of communities, advancing educational equity and excellence, and promoting a greener, healthier city. The Preliminary Budget also reconfirms the mayor's commitment to maintaining fiscal responsibility by spending wisely on limited city resources amid ongoing economic and fiscal challenges, maintaining budget reserves and remaining focused on savings, maintaining high reserves, and controlling spending.

Adams described his spending plan as one of fiscal discipline. "Although the economy has been strong, it is slowing," Adams stated. "We will still need to support the core services that New Yorkers rely on every day, but with fewer resources."

One important source of savings is expected to come from eliminating current vacant positions. There are currently 4,319 vacant positions up for elimination in the current fiscal year and 4,309 in the next fiscal year. This will still leave more than 20,000 open positions across the city.  

Affordable housing is a key priority of Adams' administration which is why the proposed budget invests an additional $20 million to advance the goals of the plan, including funding to assist low-income prospective homeowners with down payments and expand enforcement against tenant harassment.

The release of the 2024 preliminary budget will be followed by a formal response from Speaker Adrienne Adams' Council, weeks of budget hearings, an amended executive budget, and more negotiations before the final budget is adopted for the next fiscal year, which begins on July 1.