THE CITY BUDGET PROCESS AND COMMUNITY BOARD PARTICIPATION

The City of New York has three budgets - a day-to-day operating budget called the Expense Budget, a borrowing budget for long-term physical projects and equipment called the Capital Budget, and the Revenue Budget that anticipates how much money the City will have available for the next Fiscal Year. The City's Fiscal Year (FY) begins on July 1 and ends on the following June 30. Community Boards participate in the formation of the Capital and Expense budgets by submitting prioritized budget requests for consideration in the upcoming Fiscal Year (Charter §230, §2800-d(11), (13)). There are no guarantees that items submitted for consideration will ultimately be funded. The City's budget is prepared by the Mayor - a Preliminary Budget by mid- January and, after subsequent consultation with the Borough Presidents, an Executive Budget by late April - and adopted by the City Council. If the City Council does not adopt the Executive Budget by June 5, the existing expense budget and tax rates remains in force until such time as the City Council adopts a new budget. The adopted budget becomes the official implemented budget for the City of New York over the next Fiscal Year. Modifications can be made to the budget mid-year; however, depending on the size of the modification, this could require approval of the City Council.