Mayor Eric Adams and City Council Speaker Adrienne Adams announced Friday afternoon that a budget agreement has been reached for the 2025 fiscal year. 

According to a news release, the $112.4 billion budget is expected to close a $7.1 billion budget gap. 

It was struck two days before the legally mandated deadline of June 30.

“We guided the plane throughout all the turbulence. Many of you who were on board with us thought the turbulence (would mean) the plane was going to sink. No. Adams and Adams united is here to say we have a deal,” the mayor said. 

“We have the resources to invest in New Yorkers and protect what they rely on,” the council speaker said. 

The theme of the budget deal is restoration. 

There will be restorations to a slew of key city agencies the City Council had prioritized going into negotiations. Part of those restorations include $100 million to early childhood development programs; $58.3 million toward city libraries, which had cut down services; and $53 million for cultural institutions. 

“Libraries and our cultural institutions were priorities. So getting this funding baselined was certainly something on our radar, certainly something we were aiming for. For libraries especially, it is a really big win, but for our cultural institutions to finally get that recognition after so long, that was our goal the whole time,” said City Councilwoman Carlina Rivera of Manhattan. 

The final budget also includes $2 billion toward new housing investments, as well as $500 million toward the city’s voucher program, known as CityFHEPS.