Summary
New York City Council Committee on Finance Approves Fiscal Year 2026 Budget and Tax Rate
New YorkJun 30, 20253 min read
At a glance
Quick context to catch up fast.
The Committee on Finance met on June 30, 2025, to approve resolutions and communications related to the adoption of the Fiscal Year 2026 budget, tax rate, and various budget modifications. Key actions included the approval of the expense and contract budget, capital budget, community development program, and real property tax rate for FY 2026.
Topics discussed
Fiscal Year 2026 budget adoptionSupporting schedules and plansPayments in lieu of taxesExpense and contract budgetReal property tax rateBudget & TaxCommunity Development ProgramBudget modificationsHousingCapital budget
Was this summary helpful?
Your feedback helps us prioritize what to improve next.
Key decisions
Follow the major takeaways from this briefing.
- Approved the expenditure of payments in lieu of taxes to fund infrastructure over the Western Rail Yards for housing development.
- Approved the modification of the Fiscal Year 2025 expense budget to transfer city funds between agencies.
- Approved the appropriation of $435.2 million in new city revenues for Fiscal Year 2025.
- Adopted the expense and contract budget for Fiscal Year 2026.
- Adopted the capital budget and capital program for Fiscal Year 2026.
- Approved the Community Development Program for Fiscal Year 2026.
- Fixed the real property tax rate for Fiscal Year 2026.
- Filed various supporting schedules and plans for the Fiscal Year 2026 budget.
Timeline & follow-ups
Action items flagged by the community.
No follow-ups have been shared yet. Add one in the community board below.
Meeting information
Details and records from this meeting.
Recent documents
Fresh records from this municipality.
Civic leadership
Know who to contact about the decisions that matter.