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New York City’s budget process follows the fiscal year, beginning on July 1st and ending on June 30th. The Mayor is responsible for preparing an annual expense and capital budget, which are submitted to the City Council for review and adoption.

The budget process

Step 1: Preliminary Budget

Each January, the Mayor presents a preliminary budget—an outline of his priorities and goals for the City. The Council then follows a process to ensure this budget meets the needs of our diverse neighborhoods.

Step 2: Council Analysis & Hearings

From March to April, the Council analyzes the Mayor’s preliminary budget and holds a series of public hearings to identify specific concerns through conversations with residents, advocates, and city agencies.

Step 3: Formal Response

Every year after holding a series of hearings to analyze the Mayor’s Preliminary Budget, the Council releases its response, as required by the New York City Charter. The Council’s Preliminary Budget Response provides an updated look at the City’s Finances and proposes how the Mayor’s Preliminary Budget should change for the Executive Budget. It is essentially the Council’s proposed budget for the city. It also includes a response to the Preliminary Mayor’s Management Report.
View the Council’s preliminary budget response from Fiscal Year 2024

Step 4: Executive Budget & Hearings

In April, the Mayor releases the Executive Budget, an updated proposed budget based on the Council’s response. Again, the Council analyzes this budget and conducts a second round of targeted hearings, ensuring that the budget reflects the priorities of New Yorkers in all 51 Council Districts.
View the Executive Budget & Hearings from Fiscal Year 2024

Step 5: Adopted Budget

Through May and June, the Council and the Mayor negotiate adjustments to the Executive Budget, resulting in an agreement knowns as the Adopted Budget. This agreement must be reached before July 1, the beginning of the next fiscal year.