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
Based on our analysis, the Council formally responds to the Mayor’s preliminary budget. This includes a summary of concerns expressed during the hearings and recommendations to address those concerns.
View the Council’s preliminary budget response from Fiscal Year 2021
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 2021
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.