Mayor Eric Adams and Council Speaker Adrienne Adams made the announcement on Thursday.
Under the agreement, a total of $58.3 million would be restored to the three New York City public library systems, which should allow the branches to resume seven-day-a-week service, including Sundays.
Libraries eliminated Sunday hours last year to cover costs associated with the migrant crisis.
"We are proud to announce a full restoration of funds to both our libraries and cultural institutions in the upcoming budget," Mayor Adams said. "These institutions are a critical part of New York City's social fabric, which New Yorkers depend on for their children's growth and the vibrancy of our city."
"The Council has consistently championed funding restorations for these institutions as a top priority, and we're proud to reach an agreement with Mayor Adams and the administration to successfully secure these critical investments for them in the city budget," Council Speaker Adams said.
Another $53 million will help fund museums and other arts projects and millions more will be headed to the parks system as part of the $111 billion funding package.
The budget also addresses pre-K and 3-K and $100 million will go toward early childhood education and programs. In addition, $20 million will pay for additional spots for 3-year-olds, but it is far short of what is needed to make the program truly universal, which is something advocates were fighting for.
"As child care costs soar, the mayor should be focused on ensuring every family can access free 3-K; instead, the mayor continues to underinvest in this lifeline for working families," New Yorkers United for Child Care said in part.
The Council is expected to pass the budget over the weekend, allowing the city to meet the June 30 deadline.
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