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NYC Mayor, City Council Announce $85.2 Billion Budget Agreement

NEW YORK (CBSNewYork/AP) — New York City Mayor Bill de Blasio and the City Council have come to an agreement on a $85.2 billion budget for the Fiscal Year 2018.

De Blasio said Friday night the deal is “aimed at addressing the economic realities of everyday New Yorkers.”

Among the larger initiatives are $110 million for library construction, $30 million for nonprofit service providers and $9 million to create 5,000 summer jobs. It’s also supposed to save $100 million from a partial hiring freeze.

It includes $105.5 million in capital funding to ensure that every public school has physical education facilities by 2021.

The deal includes $7.2 million for emergency food assistance. That’s an increase of 15 percent from last year.

It also includes a property tax exemption for any veteran who served in a war.

The mayor said this is the city’s earliest budget agreement since 1992.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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