Joint Statement by Speaker Corey Johnson, Finance Chair Daniel Dromm and Chair of the Subcommittee on Capital Budget Vanessa Gibson on FY 2019 Budget

“Though we are disappointed that the Mayor’s proposed budget does not address all the priorities laid out by the City Council, we are encouraged by the close to $1 billion in additional revenue expected in FY18. When combined with the efficiencies and savings the Council has already found in our FY19 budget response, this revenue has the potential to go a long way towards our goals of strengthening the social safety net, fighting for the middle class, and being responsible with taxpayer money. The administration should use this additional revenue to institute Fair Fares to help our most vulnerable neighbors, fund a $400 property tax rebate for middle class homeowners, and put away $500 million in reserves to strengthen our financial position moving forward and increase our ability to weather future shocks.

In addition, we are glad the administration has reduced excess appropriations and redistributed them over a longer period of time as requested by the Council for capital funding.

The Council will continue to advocate for our priorities throughout budget negotiations and we plan to do so in a collaborative and transparent budget process.

With the tax rebate and Fair Fares, we have the opportunity to make life better for New Yorkers who desperately need a break, and the reserves will undoubtedly help us in the future. We urge the administration to fund the Council’s priorities for the good of our neighbors and our city.”

 

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