Governor and Mayor Announce $8 Billion State Support to Close NYC Budget Deficit
The Mamdani Administration will close the more than $12 billion deficit inherited from the previous administration.
Governor Kathy Hochul and Mayor Zohran Kwame Mamdani announced new state support to help New York City close its budget deficit ahead of the Mayor’s Fiscal Year 2027 Executive Budget.
The state has secured an additional $4 billion in gap-closing support, bringing total new state assistance to nearly $8 billion over two years.
The agreement includes funding for universal childcare, education, public safety, and infrastructure.
"The partnership aims to make free universal child care a reality," Governor Hochul stated, emphasizing the provision of resources for critical services.
Mayor Mamdani stated that the collaboration reflects a shared belief in working together for the people of New York.