Good afternoon! What’s the latest you’ve ever been on a work assignment? A day? A week? A month?

Fifty-seven days after it was officially due, the New York State Legislature has finally released the $268.5 billion spending deal for the 2026 fiscal year. It’s the latest budget in 16 years, in a state that doesn’t exactly value punctuality in that department. We will have more coverage on the budget’s surprises, winners, losers and of course, all the ramifications for New Yorkers in future newsletters. For now, here’s an early look at the major takeaways.

Perhaps the most controversial element of the budget, which we’ve touched on in past Briefs, is a rollback of the state’s climate goals, formerly touted as one of the most ambitious in the country. The rollback marks a victory for Governor Kathy Hochul, who was one of the loudest proponents for an “all of the above” approach to the state’s energy usage, combining renewables and nonrenewables to keep utility costs down amid a cost-of-living crisis. 

Mayor Zohran Mamdani can also start selecting a suitable feather for his cap after the state promised to contribute $1.5 billion to help close the city’s $5.4 billion deficit, while also allowing NYC to defer costly pension payments. The pied-a-terre tax also passed, contributing an estimated $500 million in annual earnings for the city and allowing the mayor to claim progress on his signature campaign promise to raise taxes on wealthy residents. 

The budget includes a number of measures to limit the reach of federal immigration enforcement in the state. Moving forward, local law enforcement will be forbidden from signing a certain class of contracts with Immigration and Customs Enforcement agents that allow for information sharing and use of local jails. Additionally, the agreement forbids ICE from accessing houses of worship, schools, healthcare facilities, parks and other “sensitive locations” without a judicial warrant. 

The package also includes changes to the state’s car insurance laws; cash infusions for certain school districts, 911 systems and fiscally-pressed upstate cities like Buffalo and Yonkers; and $500 million in improvements to retirement benefits.

Most important of all, a $200 rebate check is on the way for over 8 million New Yorkers to offset rising utility costs. If you were a full-time resident of New York in 2024, expect a check in the mail this fall. You don’t need to apply; rebates are automatic. 

Because I’m a proud New Yorker, I will be investing my rebate money in the state’s economy by going on a shopping trip. You’re welcome, Hochul.

Ahead of the 1994 World Cup – the first staged in the United States – players were asked to do something they never had before: sign a fair play declaration. The document, in which the soccer stars of the day pledged to respect the rules and opponents, was part of a plan by governing body FIFA to restore soccer’s reputation as “the beautiful game.” And expectations ran high before kickoff.

After all, it could not be as bad as the previous edition of the tournament, held in Italy four years earlier. That dour affair left a sour taste in the soccer world.  

Learn more about the return of the beautiful game.   

The PREMIUM tag indicates articles that come with extra photographs or special coverage. Thinking of a subscription? Try us out with a day pass for just 99 cents. No long-term commitment for a subscription.

Got a tip? Send it in to [email protected].