$59B Budget Increases Funding for Schools

NEW YORK CITY-Mayor Michael Bloomberg and City Council Speaker Christine Quinn recently revealed an agreement on the 2009 New York City Budget. The $59 billion budget maintains the property tax rate cut rate of 7% for a second year, and continues the $400 property tax rebate program for homeowners for the fifth year.

The budget also increases funding to the Department of Education by $129 million and the New York City Housing Authority by $18 million over the levels proposed in the Mayor’s Executive Budget. According to a prepared statement, it will help NYCHA maintain its operations of community and senior centers.

The NYCHA funding will help preserve community center and senior center programs.The budget maintains the early payment of $2 billion of debt expenses in 2010 and $350 million to pay expenses in 2011.