How the budget works
The Expense Budget covers the costs of running our city. It pays for the sanitation worker who picks up your garbage, and powers the lights at your local library. Funds are set aside to operate each city agency. This also includes the Debt Service, the City’s annual loan payment for long‑term Capital Projects for which the City borrows State & Federal money.
The Capital Budget covers larger long‑term investments in facilities & infrastructure, or Capital Projects. Examples include the construction of public schools, street maintenance, and parks improvements.
The Revenue Budget outlines money expected from taxes, State & Federal aid, and other sources of revenue. It determines the maximum amount in the Expense Budget, as the City is required to have a balanced budget.
Curious about how the budget is approved? When does the process begin? What’s the role of the Council and the Mayor? Learn about the budget process.
The Council’s Finance Committee plays an important role in the budget negotiating process by advocating for the needs of New Yorkers and overseeing the hearing process. The current Chair of the Finance Committee is Council Member Julissa Ferreras-Copeland.
The Council’s Finance division is a team of analysts, attorneys, and administrative staff who provide Council Members with research on budgetary actions and their fiscal impact. They also work with Council Members to monitor and evaluate agency spending.