Summary
New York City Council Committee on Finance Approves Fiscal Year 2026 Budget and Tax Rate
New YorkJun 30, 20253 min read
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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.
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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
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Key decisions
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- 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.
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Meeting information
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Committee on Finance
Jun 30, 2025, 12:00 AMCouncil Chambers - City Hallcompleted
BUDGET ADOPTION
Agenda
- Resolution approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget.
- Resolution approving the expenditure of payments in lieu of taxes to fund the development of infrastructure over the Western Rail Yards in support of the development of housing.
- RESOLUTION COMPUTING AND CERTIFYING ADJUSTED BASE PROPORTION OF EACH CLASS OF REAL PROPERTY FOR FISCAL 2026 TO THE STATE BOARD OF REAL PROPERTY TAX SERVICES PURSUANT TO SECTION 1803-a OF THE REAL PROPERTY TAX LAW.
- RESOLUTION COMPUTING AND CERTIFYING BASE PERCENTAGE, CURRENT PERCENTAGE AND CURRENT BASE PROPORTION OF EACH CLASS OF REAL PROPERTY FOR FISCAL 2026 TO THE STATE BOARD OF REAL PROPERTY TAX SERVICES PURSUANT TO SECTION 1803-a OF THE REAL PROPERTY TAX LAW.
- Communication from the Office of Management & Budget – Transfer City funds between various agencies in Fiscal 2025 to implement changes to the City’s expense budget, pursuant to Section 107(b) of the New York City Charter. (MN-7).
- RESOLUTION APPROVING THE MODIFICATION (MN-7) OF THE FISCAL 2025 EXPENSE BUDGET TO TRANSFER CITY FUNDS BETWEEN AGENCIES AS PROPOSED BY THE MAYOR PURSUANT TO SECTION 107(b) OF THE NEW YORK CITY CHARTER.
- Communication from the Office of Management & Budget – Appropriation of new City revenues in Fiscal Year 2025 in the amount of $435.2 million, pursuant to Section 107(e) of the New York City Charter. (MN-8)
- RESOLUTION APPROVING A MODIFICATION (MN-8) PURSUANT TO SECTION 107(e) OF THE CHARTER OF THE CITY OF NEW YORK.
- Communication from the Mayor - Submitting the Expense, Revenue, Contract Budget, for Fiscal Year 2026, pursuant to Section 249 of the New York City Charter.
- RESOLUTION TO ADOPT A BUDGET APPROPRIATING THE AMOUNTS NECESSARY FOR THE SUPPORT OF THE GOVERNMENT OF THE CITY OF NEW YORK AND THE COUNTIES THEREIN AND FOR THE PAYMENT OF INDEBTEDNESS THEREOF, FOR THE FISCAL YEAR BEGINNING ON JULY 1, 2025 AND ENDING ON JUNE 30, 2026, IN ACCORDANCE WITH THE PROVISIONS OF THE NEW YORK CITY CHARTER.
- RESOLUTION TO ADOPT A CONTRACT BUDGET SETTING FORTH, BY AGENCY, CATEGORIES OF CONTRACTUAL SERVICES FOR WHICH APPROPRIATIONS HAD BEEN PROPOSED FOR THE FISCAL YEAR BEGINNING ON JULY 1, 2025 AND ENDING ON JUNE 30, 2026, IN ACCORDANCE WITH THE PROVISIONS OF THE NEW YORK CITY CHARTER.
- Communication from the Mayor - Submitting the Executive Capital Budget for Fiscal Year 2026, pursuant to Section 249 of the New York City Charter.
- RESOLUTION BY THE NEW YORK CITY COUNCIL PURSUANT TO SECTION 254 OF THE NEW YORK CITY CHARTER, THAT THE CAPITAL BUDGET FOR FISCAL YEAR 2026 AND CAPITAL PROGRAM, BEING THE EXECUTIVE CAPITAL BUDGET FOR FISCAL YEAR 2026 AND PROGRAM AS SUBMITTED BY THE MAYOR AND BY THE BOROUGH PRESIDENTS PURSUANT TO SECTION 249 OF THE NEW YORK CITY CHARTER, INCLUDING RESCINDMENT OF AMOUNTS FROM PRIOR CAPITAL BUDGETS, BE AND THE SAME ARE HEREBY APPROVED IN ACCORDANCE WITH THE FOLLOWING SCHEDULE OF CHANGES (RESOLUTION A).
- RESOLUTION BY THE NEW YORK CITY COUNCIL PURSUANT TO SECTION 254 OF THE NEW YORK CITY CHARTER, THAT THE CAPITAL BUDGET FOR FISCAL YEAR 2026 AND CAPITAL PROGRAM FOR THE ENSUING THREE YEARS, AS SET FORTH IN THE EXECUTIVE CAPITAL BUDGET FOR THE FISCAL YEAR 2026 AND CAPITAL PROGRAM AS SUBMITTED BY THE MAYOR AS AUGMENTED BY THE BOROUGH PRESIDENTS PURSUANT TO SECTION 249 OF THE NEW YORK CITY CHARTER, AND AMENDED BY THE SCHEDULE OF CHANGES APPROVED UNDER RESOLUTION A, INCLUDING AMOUNTS REALLOCATED BY THE RESCINDMENT OF AMOUNTS FROM PRIOR CAPITAL BUDGET APPROPRIATIONS, IS HEREBY ADOPTED IN THE TOTAL AMOUNTS AS FOLLOWS (RESOLUTION B).
- Communication from the Mayor - Submitting the Proposed City Fiscal Year 2026 Community Development Program.
- Resolution approving The City Fiscal Year 2026 Community Development Program, Reallocation of Fifty-First Year Community Development Funds, and the Proposed Fifty-Second Year Community Development Program.
- Report of the Committee on Finance in favor of approving a resolution of the Council of the City of New York fixing the tax rate for the Fiscal Year 2026, adopted June 30, 2025 upon the recommendation of the Committee on Finance of the Council.
- RESOLUTION TO PROVIDE THE AMOUNTS NECESSARY FOR THE SUPPORT OF THE GOVERNMENT OF THE CITY OF NEW YORK AND THE COUNTIES THEREIN AND FOR THE PAYMENT OF INDEBTEDNESS THEREOF, FOR THE FISCAL YEAR BEGINNING ON JULY 1, 2025 AND ENDING ON JUNE 30, 2026, BY THE LEVY OF TAXES ON THE REAL PROPERTY IN THE CITY OF NEW YORK, IN ACCORDANCE WITH THE PROVISIONS OF THE CONSTITUTION OF THE STATE OF NEW YORK, THE REAL PROPERTY TAX LAW AND THE NEW YORK CITY CHARTER
- West 104th Street: Block 1839, Lot 45; Block 1840, Lot 5, Manhattan, Community District 7, Council District 7.
- First Ludford-Lourdes: Block 2087, Lot 104, Manhattan, Community District 9, Council District 7.
- Communication from the Mayor - Submitting Preliminary Expense, Revenue, and Contract Budget for Fiscal Year 2026, pursuant to Sections 225 and 236 of the New York City Charter.
- Communication from the Mayor – Submitting January 2025 Financial Plan Detail for Fiscal Years 2025-2029, pursuant to Sections 101 and 213 of the New York City Charter.
- Communication from the Mayor - Submitting Geographic Reports for Expense Budget for Fiscal Year 2026, pursuant to Sections 100 and 231 of the New York City Charter.
- Communication from the Mayor - Submitting Departmental Estimates for Fiscal Year 2026, pursuant to Sections 100, 212 and 231 of the New York City Charter.
- Communication from the Mayor - Submitting the Preliminary Capital Budget, Fiscal Year 2026, pursuant to Section 213 and 236 of the New York City Charter.
- Communication from the Mayor - Submitting the Preliminary Capital Commitment Plan, Fiscal Year 2026, Volumes 1, 2, 3, & 4, pursuant to Section 219 of the New York City Charter.
- Communication from the Mayor – Submitting the Preliminary Ten-Year Capital Strategy for Fiscal Years 2026-2035, pursuant to Section 215 of the New York City Charter.
- Communication from the Mayor - Submitting the Executive Budget Supporting Schedules, for Fiscal Year 2026 pursuant to Section 250 of the New York City Charter.
- Communication from the Mayor - Submitting the Capital Commitment Plan, Executive Budget, Fiscal Year 2026, Volumes 1, 2, 3 and 4, pursuant to Section 219(d) of the New York City Charter.
- Communication from the Mayor – Submitting the Ten-Year Capital Strategy for Fiscal Years 2026-2035, pursuant to Section 248 of the New York City Charter.
- Communication from the Mayor - Submitting the Budget Summary, the Message of the Mayor, and the Savings Program relative to the Executive Budget, Fiscal Year 2026, pursuant to Section 249 of the New York City Charter.
- Roll Call
- Resolution approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget.
- Resolution approving the expenditure of payments in lieu of taxes to fund the development of infrastructure over the Western Rail Yards in support of the development of housing.
- RESOLUTION COMPUTING AND CERTIFYING ADJUSTED BASE PROPORTION OF EACH CLASS OF REAL PROPERTY FOR FISCAL 2026 TO THE STATE BOARD OF REAL PROPERTY TAX SERVICES PURSUANT TO SECTION 1803-a OF THE REAL PROPERTY TAX LAW.
- RESOLUTION COMPUTING AND CERTIFYING BASE PERCENTAGE, CURRENT PERCENTAGE AND CURRENT BASE PROPORTION OF EACH CLASS OF REAL PROPERTY FOR FISCAL 2026 TO THE STATE BOARD OF REAL PROPERTY TAX SERVICES PURSUANT TO SECTION 1803-a OF THE REAL PROPERTY TAX LAW.
- Communication from the Office of Management & Budget – Transfer City funds between various agencies in Fiscal 2025 to implement changes to the City’s expense budget, pursuant to Section 107(b) of the New York City Charter. (MN-7).
- Communication from the Office of Management & Budget – Appropriation of new City revenues in Fiscal Year 2025 in the amount of $435.2 million, pursuant to Section 107(e) of the New York City Charter. (MN-8)
- Communication from the Mayor - Submitting the Expense, Revenue, Contract Budget, for Fiscal Year 2026, pursuant to Section 249 of the New York City Charter.
- RESOLUTION TO ADOPT A BUDGET APPROPRIATING THE AMOUNTS NECESSARY FOR THE SUPPORT OF THE GOVERNMENT OF THE CITY OF NEW YORK AND THE COUNTIES THEREIN AND FOR THE PAYMENT OF INDEBTEDNESS THEREOF, FOR THE FISCAL YEAR BEGINNING ON JULY 1, 2025 AND ENDING ON JUNE 30, 2026, IN ACCORDANCE WITH THE PROVISIONS OF THE NEW YORK CITY CHARTER.
- RESOLUTION TO ADOPT A CONTRACT BUDGET SETTING FORTH, BY AGENCY, CATEGORIES OF CONTRACTUAL SERVICES FOR WHICH APPROPRIATIONS HAD BEEN PROPOSED FOR THE FISCAL YEAR BEGINNING ON JULY 1, 2025 AND ENDING ON JUNE 30, 2026, IN ACCORDANCE WITH THE PROVISIONS OF THE NEW YORK CITY CHARTER.
- Communication from the Mayor - Submitting the Executive Capital Budget for Fiscal Year 2026, pursuant to Section 249 of the New York City Charter.
- RESOLUTION BY THE NEW YORK CITY COUNCIL PURSUANT TO SECTION 254 OF THE NEW YORK CITY CHARTER, THAT THE CAPITAL BUDGET FOR FISCAL YEAR 2026 AND CAPITAL PROGRAM, BEING THE EXECUTIVE CAPITAL BUDGET FOR FISCAL YEAR 2026 AND PROGRAM AS SUBMITTED BY THE MAYOR AND BY THE BOROUGH PRESIDENTS PURSUANT TO SECTION 249 OF THE NEW YORK CITY CHARTER, INCLUDING RESCINDMENT OF AMOUNTS FROM PRIOR CAPITAL BUDGETS, BE AND THE SAME ARE HEREBY APPROVED IN ACCORDANCE WITH THE FOLLOWING SCHEDULE OF CHANGES (RESOLUTION A).
- RESOLUTION BY THE NEW YORK CITY COUNCIL PURSUANT TO SECTION 254 OF THE NEW YORK CITY CHARTER, THAT THE CAPITAL BUDGET FOR FISCAL YEAR 2026 AND CAPITAL PROGRAM FOR THE ENSUING THREE YEARS, AS SET FORTH IN THE EXECUTIVE CAPITAL BUDGET FOR THE FISCAL YEAR 2026 AND CAPITAL PROGRAM AS SUBMITTED BY THE MAYOR AS AUGMENTED BY THE BOROUGH PRESIDENTS PURSUANT TO SECTION 249 OF THE NEW YORK CITY CHARTER, AND AMENDED BY THE SCHEDULE OF CHANGES APPROVED UNDER RESOLUTION A, INCLUDING AMOUNTS REALLOCATED BY THE RESCINDMENT OF AMOUNTS FROM PRIOR CAPITAL BUDGET APPROPRIATIONS, IS HEREBY ADOPTED IN THE TOTAL AMOUNTS AS FOLLOWS (RESOLUTION B).
- Communication from the Mayor - Submitting the Proposed City Fiscal Year 2026 Community Development Program.
- Resolution approving The City Fiscal Year 2026 Community Development Program, Reallocation of Fifty-First Year Community Development Funds, and the Proposed Fifty-Second Year Community Development Program.
- Report of the Committee on Finance in favor of approving a resolution of the Council of the City of New York fixing the tax rate for the Fiscal Year 2026, adopted June 30, 2025 upon the recommendation of the Committee on Finance of the Council.
- RESOLUTION TO PROVIDE THE AMOUNTS NECESSARY FOR THE SUPPORT OF THE GOVERNMENT OF THE CITY OF NEW YORK AND THE COUNTIES THEREIN AND FOR THE PAYMENT OF INDEBTEDNESS THEREOF, FOR THE FISCAL YEAR BEGINNING ON JULY 1, 2025 AND ENDING ON JUNE 30, 2026, BY THE LEVY OF TAXES ON THE REAL PROPERTY IN THE CITY OF NEW YORK, IN ACCORDANCE WITH THE PROVISIONS OF THE CONSTITUTION OF THE STATE OF NEW YORK, THE REAL PROPERTY TAX LAW AND THE NEW YORK CITY CHARTER
- West 104th Street: Block 1839, Lot 45; Block 1840, Lot 5, Manhattan, Community District 7, Council District 7.
- First Ludford-Lourdes: Block 2087, Lot 104, Manhattan, Community District 9, Council District 7.
- Communication from the Mayor - Submitting Preliminary Expense, Revenue, and Contract Budget for Fiscal Year 2026, pursuant to Sections 225 and 236 of the New York City Charter.
- Communication from the Mayor – Submitting January 2025 Financial Plan Detail for Fiscal Years 2025-2029, pursuant to Sections 101 and 213 of the New York City Charter.
- Communication from the Mayor - Submitting Geographic Reports for Expense Budget for Fiscal Year 2026, pursuant to Sections 100 and 231 of the New York City Charter.
- Communication from the Mayor - Submitting Departmental Estimates for Fiscal Year 2026, pursuant to Sections 100, 212 and 231 of the New York City Charter.
- Communication from the Mayor - Submitting the Preliminary Capital Budget, Fiscal Year 2026, pursuant to Section 213 and 236 of the New York City Charter.
- Communication from the Mayor - Submitting the Preliminary Capital Commitment Plan, Fiscal Year 2026, Volumes 1, 2, 3, & 4, pursuant to Section 219 of the New York City Charter.
- Communication from the Mayor – Submitting the Preliminary Ten-Year Capital Strategy for Fiscal Years 2026-2035, pursuant to Section 215 of the New York City Charter.
- Communication from the Mayor - Submitting the Executive Budget Supporting Schedules, for Fiscal Year 2026 pursuant to Section 250 of the New York City Charter.
- Communication from the Mayor - Submitting the Capital Commitment Plan, Executive Budget, Fiscal Year 2026, Volumes 1, 2, 3 and 4, pursuant to Section 219(d) of the New York City Charter.
- Communication from the Mayor – Submitting the Ten-Year Capital Strategy for Fiscal Years 2026-2035, pursuant to Section 248 of the New York City Charter.
- Communication from the Mayor - Submitting the Budget Summary, the Message of the Mayor, and the Savings Program relative to the Executive Budget, Fiscal Year 2026, pursuant to Section 249 of the New York City Charter.
- RESOLUTION APPROVING THE MODIFICATION (MN-7) OF THE FISCAL 2025 EXPENSE BUDGET TO TRANSFER CITY FUNDS BETWEEN AGENCIES AS PROPOSED BY THE MAYOR PURSUANT TO SECTION 107(b) OF THE NEW YORK CITY CHARTER.
- RESOLUTION APPROVING A MODIFICATION (MN-8) PURSUANT TO SECTION 107(e) OF THE CHARTER OF THE CITY OF NEW YORK.
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