Mayor Bloomberg and the City Council have reached an agreement on a $70 billion budget proposal that does not raise taxes and avoids major layoffs.
Bloomberg and Council Speaker Christine Quinn announced the agreement on Sunday.
The 2014 budget plan restores funding for child care and after-school programs that were slated to be cut. It also includes $58 million for the New York City Housing Authority, which lost money as a result of the federal sequestration. The funds will be used to maintain senior centers.
The budget also allocates $250 million for measures to protect the city from the impact of climate change and increases funding for the city's library system.
The City Council is expected to vote on the budget agreement this week.