The mayor's office has reached a deal with the City Council on a budget for the 2014 fiscal year.
Mayor Michael Bloomberg and City Council Speaker Christine Quinn announced the deal Sunday evening.
As in previous budgets, 20 fire companies that were on the chopping block are restored by the budget agreement.
The budget also restores funding to thousands of slots in child care programs and after-school programs that were on the chopping block.
The New York City Housing Authority faced a $205 million cut as a result of federal sequestration, and in response, the City Council said it would be putting $58 million into the housing authority budget, preventing 325 layoffs of NYCHA employees and preventing the closure of 60 senior centers and community facilities across the city.
Some of the officials NY1 spoke with after Sunday's press conference said they were still concerned about the cuts to the housing authority, but they said they would be working to make sure there would be long-term financial stability at the housing authority.
The budget does not raise taxes, and Quinn said all of the city's pools will remain open for the entire summer season.
"Once again this year, we've produced an on-time, balanced budget for our city, one that does not raise taxes on New Yorkers and preserves the essential services that we all rely on, and because of our now-completed negotiations with the Council on the budget for the next fiscal year, it shores up support for many of the priorities we share with them," Bloomberg said.
The budget is the eighth on-time and balanced budget for Bloomberg and Quinn.
"Getting to yes on a spending plan of some $70 billion for the services provided by scores of city agencies is never simple, but it is a process, as always, that has been made easier by the skillful leadership of Speaker Quinn and the Council Finance Committee Chair, Domenic Recchia," Bloomberg said.
"Eight years of all of us working together, we've learned that leadership means working collaboratively to get results for New Yorkers, and that's what's happened here," Quinn said. "Not all of us who are here on these steps agree on everything, but what we do agree on is a willingness to negotiate in good faith without bickering and confrontation. It's something that doesn't always happen in government, but something we've always been very proud of over the past eight years."
Sunday's announcement is a handshake that symbolically shows a deal is in place. The City Council will vote on it later.
It is technically not due until June 30.