Photo courtesy of Ed Reed / Mayor’s Office of Photography
“This budget is a historic investment in New York City and that is exactly how we will achieve a recovery for all of us,” said de Blasio.
By Forum staff
Mayor Bill de Blasio, City Council Chairman Corey Johnson, Council Finance Chairman Daniel Dromm and City Council members recently announced a Stimulus Budget deal, a balanced city budget on time for the fiscal year 2022. The Foundation for the $ 98.7 Billion Stimulus Budget is the strategic investment of stimulus funds that will boost New York City’s economic comeback and establish a recovery for all of us, officials said.
The stimulus budget meets five fundamental objectives: ending the fight against COVID-19, building on solid reserves, stimulating economic growth in each neighborhood, ensuring academic and emotional recovery for each student and ensuring the safety of all the communities.
Ending the fight against COVID
A recovery for all of us begins with fighting the COVID-19 pandemic. The City has spent more than $ 8 billion in the fight against COVID-19, administering more than 9.2 million doses of vaccination. The city’s aggressive and fairness-focused vaccination campaign has reduced COVID cases, hospitalizations and deaths to the lowest levels since the start of the pandemic. The Stimulus Budget includes funding to complete the fight against COVID and strengthen the City’s public health infrastructure over the long term.
In this stimulus budget, the administration promoted public health by expanding the grassroots vaccination campaign and investing to make New York the world capital of public health. This mission includes supporting LifeSci NYC, a billion dollar commitment over the next decade to create approximately 40,000 jobs in this rapidly growing industry.
Building on solid reserves
Before New York City became the epicenter of the COVID-19 outbreak, the city had maintained record levels of budget reserves that were needed amid the pandemic-induced financial crisis to help balance the budget , prevent layoffs and avoid disastrous cuts to programs and services. In Adoption, the administration partnered with city council to add $ 500 million to the city’s very first Rainy Day Fund, which now holds nearly $ 1 billion. With $ 2.8 billion in reserves added since June, total FY22 reserves now stand at $ 5.1 billion, including $ 3.8 billion in the Retiree Health Benefits Trust, $ 993 million in dollars in the Rainy Day Fund and $ 300 million in the general reserve. At their highest level, New York’s reserves totaled $ 6.1 billion at the height of the business cycle in fiscal 2020.
Blasio’s administration remained focused on strong budget management and savings, even when incomes were high. The adopted budget saves $ 4.0 billion in fiscal years 2021 (FY21) and 2022 since last June – the second highest total of savings over two years when this administration’s budget was adopted .
Tax revenues exceeded expectations in FY21 by $ 2.1 billion, thanks to personal income tax and corporate tax revenues. The fiscal revenue forecast for fiscal year 22 remains unchanged from the executive budget.
Stimulate economic growth
The stimulus budget spurs economic recovery for all of us, spurring growth in every neighborhood. The previously announced executive budget called for an investment of $ 30 million – the largest in the city’s history – to promote tourism. It also offered direct support to small businesses, including grants, low-interest loans and legal assistance for commercial leases. The New Deal-inspired City Cleanup Corps (CCC) is set to hire 10,000 New Yorkers this summer to clean up and beautify our city. All of these investments are already driving economic growth.
The passed budget deepens these investments in economic growth by earmarking $ 11 million for NYC Business Quick Start, a program that will help cut red tape and guide small businesses through city regulations.
The stimulus budget also includes the Juneteenth Economic Justice Plan to create generational wealth and tackle the racial wealth gap by:
- Expand NYC Kids Rise with Universal NYC Baby Bonds, a program that gives every kindergarten child a college savings account of at least $ 100 in September ($ 15 million in FY22)
- Establish Large-Scale Four-Year CUNY Scholarships for Black and Low-Income Students ($ 4 million in FY 22)
- Providing paid internships in science, business, public health and green economy for students at Medgar Evers College to match academic activities with an opportunity to change and help our city recover ( $ 500,000 in FY22)
Finally, as New York City recovers from the COVID recession and grapples with a changing economy, the stimulus budget will help hundreds of CUNY students and graduates advance to career success, while improving the short and long term prospects of our city’s economy:
- CUNY Career Initiative: The Small Business Services Department will work with CUNY and a range of industry partners to provide short-term training in high-demand areas leading to placement for approximately 1,000 New Yorkers (6, $ 5 million in FY22)
- Advanced Manufacturing Career Collective (AMCC): AMCC will create a pool of skilled and diverse talent towards advanced manufacturing careers through on-the-job learning and teaching experiences. The effort will engage and train approximately 400 students in the first year, expanding to support more than 1,000 New Yorkers per year. AMCC will also strengthen the overall advanced manufacturing-focused MWBE ecosystem ($ 4 million in FY22)
Drive school recovery
This stimulus budget makes crucial investments in New York City public schools to meet the emotional academic and social needs of students as they recover from the impacts of the pandemic.
This year, the administration paved the way for free universal 3-K for all by fall 2023, expanded special early childhood education and restorative justice for social and emotional learning in colleges. and high schools, and strengthened special education services.
To support students and families during the summer, the administration launched Summer Rising – the first-ever summer program for all New York City students in Kindergarten to Grade 12 who wish to participate. This program will lay the groundwork for a full reopening this fall, providing students with a comprehensive summer experience that includes rigorous academics, social emotional supports, and a fun enrichment program.
In addition, the administration is launching the Universal School Recovery Plan, a bold and rigorous framework that will guide school communities and support student success in the 2021-2022 school year and beyond.
Recovery of buildings thanks to public security
Since last June, the administration has added more than $ 44 million to expand Cure Violence and Crisis Management System. The NYPD redeployed 200 additional officers in full-time field administrative functions, specifically assigned to high violence commands.
In the adopted budget, the administration made targeted investments to break the cycle of incarceration and reduce gun violence. This budget uses housing and employment as a measure against violence. This effort includes:
- Established the Precision Employment Initiative to hire 1,000 people this summer in Mott Haven, Brownsville and southern Jamaica who are most at risk – violence prevention through employment and support services. ($ 24 million in FY22)
- Provide reintegration housing with health care and employment counseling for involved New Yorkers returning to the community ($ 57 million in FY22)
- Expand “From Prisons to Jobs” to provide more former incarcerates, including those on parole, with bridging employment ($ 6.6 million in FY22)
- Provide peer mentoring to incarcerated individuals and those re-entering the crisis management system. Credible messengers ($ 5 million in fiscal 22)
- Expand the CMS-based Hospital Violence Intervention Program to new hospitals to support victims of violence, their families and networks ($ 6 million in FY 22)
- Expansion of CMS services in the 40th and 44th constituencies of the Bronx and provision of additional CMS media ($ 6 million in FY 22)
“The stimulus budget is a radical investment in working families. It will drive economic growth in every neighborhood, while building on strong reserves and aggressively investing stimulus funds to put the pandemic behind us, once and for all. This budget is a historic investment in New York City and that is exactly how we will achieve a recovery for all of us, ”said de Blasio.
“I am particularly proud to see an investment of $ 44 million in community public safety programs, such as Cure Violence, of which I was an early advocate. When we have neighborhood-based solutions, we see a decrease in gun violence and gang violence. These programs are historically underfunded, but today our city is moving forward with change. The Cure Violence model is one that I truly believe in and which centers our communities above all else, “added Queens Borough President Donovan Richards, Jr.” It is also evident that this pandemic has highlighted a series of inequities in our city. From securing 100 percent of the Fair Student Funding allocation to committing funds for pantries, this budget sends a strong message to New Yorkers that no New Yorker should be left behind. . This message rings especially true here in Queens.