City Budget Is Set

The Mayor and City Council agreed on the new NYC budget Monday night that is about $47 billion and includes the Mayor's $400 tax rebate for homeowners. Other notable inclusions:
- Earned income tax credit for low-income families (something City Council wanted), which would mean $50 million total in tax breaks;
- The $215 million in funding for "infant mortality programs, libraries, CUNY scholarships, childcare, summer youth jobs and other social services" (the Mayor had wanted to cut it but they worked to restore it).
The Mayor also predicts a surplus of $1.9 billion, which gave him and the City Council room to figure out how to spend it (ultimately, the rebate and social services). City Council Gifford Miller speaker said, "This is a budget that does represent a 'good news budget' for all New Yorkers," which the Times noted were Bloomberg's words when he unveiled the budget plan earlier this year.

Of course the $400 homeowners' rebate still needs to get through the State Legislature, so who knows how long that'll take. And the Page Six reports that the Mayor, after being approached by City Council members to play softball at City Hall, muttered, "I have to work for a living. I don't have time for that crap." Oh, Bloomby...The new budget takes effect on July 1 (seems like negotiations were done faster than last year). The NY Times' Jennifer Steinhauer says that while the budget offers "something for everyone", but says there's no structure to the budget, which may fall victim to bigger gaps in the future.

Press release from the City Council about the budget; you can watch the Mayor and City Council Speaker Miller talk about the budget at NYC.gov.