Mayor Michael Bloomberg along with Council Speaker Christine Quinn and the City Council announced an agreement for an on-time, balanced budget for 2014.
The budget includes no tax hikes and allocates an additional $58 million for public housing, while helping to maintain senior centers and community programs.
"Our Administration's final budget reflects the commitment to sound financial management that has helped keep our City on firm financial footing, and to the services and programs New Yorkers rely on. I want to thank Speaker Quinn for her effective leadership, as well as the Council Members for their work," said Mayor Bloomberg.
"This budget process should serve as an example to our colleagues in government throughout the country, that if you focus on delivering and check the grandstanding at the door, you can accomplish a great deal - and that's what this is all about," said Speaker Quinn.
The budget agreement ensures a balanced budget for 2014, but city will face a budget gap of approximately $2 billion in 2015 - a slight decrease from estimates in the May Executive Budget.
The City Council is expected to vote on the budget later in the week.
A copy of the 2014 budget can be found on the City Council's website.