Slow Growth in a Resilient Economy: Finance Division Economic and Tax Revenue Forecast
The Council Finance Division released its Economic and Tax Revenue Forecast on May 22, 2023. This forecast finds that NYC’s economy has proved resilient despite slow growth, citing a higher pace of City tax collection than initially anticipated and strong job growth. The revised forecast estimates about $1.8 billion more in tax revenues than OMB over Fiscals 2023 and 2024 combined.
Read the New York City Council Finance Division’s Economic and Tax Revenue Forecast
New York City Council Response to the Fiscal Year 2024 Preliminary Budget
The City Council released its response to the Mayor’s Preliminary Budget for Fiscal Year 2024 on April 3, 2023.
View the City Council’s Response to the Fiscal Year 2024 Preliminary Budget.
State Budget Priorities 2023
The New York City Council presents the following state budget priorities, as State leaders finalize a State Fiscal Year 2024 Budget, to help ensure New York City receives equitable and necessary support for its health, safety, and success.
Read New York City Council’s 2023 State Budget Priorities
Fiscal Year 2024 Discretionary Budget Training
Click here to watch the FY24 Discretionary Budget Training Video
Fiscal Year 2024 Discretionary Funding Expense Application Filing Period
Please be advised that all not-for-profit community-based organizations that wish to apply for discretionary funding for FY2024 must submit a Council Application. The FY2024 application will be posted on the Council’s website at this location on Thursday, January 5, 2023 and the submission deadline will be on Tuesday, February 21, 2023.
Access Submitted and In-Progress Applications
Also, please note that if an application is not submitted within the filing period, the community-based organization will not be eligible for funding.
For any issues or questions regarding the FY 2024 application, please contact firstname.lastname@example.org
FY2024 Capital Funding for Non-City Organizations
Non-City organizations applying for Fiscal Year 2024 capital funding may now download and submit applications at the CapGrants portal. All groups should submit their completed applications through this portal.
- Groups designated All Other, Charter School, or Housing organizations, may view and download their applications on the CapGrants page. If your group represents a non-DOE school or community-based organization, please use the form.
- Cultural organizations may view and download their applications via the Department of Cultural Affairs Capital Funding page. Your group should still submit completed applications through the CapGrants portal.
Application deadlines vary depending on the source of the funding your group has requested.
- Thursday, February 23, 2023, 5:00pm: applies if your project requests any funding from Borough Presidents (including those groups that are also requesting funding from the Council or Department of Cultural Affairs)
- Thursday, March 23, 2023, 5:00pm: applies if your project is only requesting funding from the Council and/or the Department of Cultural Affairs
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.
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 Justin Brannan.
The Council’s Finance Division is a team of analysts, attorneys, economists, 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.
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.