NEW YORK (PIX11) — Mayor Eric Adams is seeking $106.7 billion to fund New York City during the next fiscal year. The return of tourists and a recovering labor market helped boost the city’s bottom line, however the mayor says tough decisions still need to be made.

“Everyone saying, spend, spend, spend, we would love to. We must ensure the continuation of the economic stability of this city,” Adams said inside City Hall Wednesday.

“We had to factor in the asylum seekers cost and we have to be honest about the fiscal forecast in the future,” Adams said.

The mayor wants to set aside $2.9 billion to respond to the asylum seeker crisis during the next fiscal year. The city is currently providing shelter for 35,000 migrants. Adams worries that number could rise if border policies change to allow more migrants into the U.S.

While Adams is once again asking New York City agencies to find ways to save money, the city’s cultural institutions will be spared from further budget cuts. Libraries will also be spared from more cuts.

To fund education, Adams is seeking $30.6 billion for city schools and $5.3 billion for the NYPD, including $372 million for police overtime.

The mayor will now discuss his budget proposal with the New York City Council to reach a final deal before the start of the city’s next fiscal year on July 1.