Next year's budget, worth about $68.5 billion, made its way into City Hall in boxes Thursday.
A fiscal agreement that was reached Monday between the Council and the Bloomberg administration speaker saves child care and after-school programs from the chopping block and keeps 20 fire companies from shuttering.
"What a government or person spends money on speaks volumes about that person or that entity and what is important to them," said City Council Speaker Christine Quinn.
What was once doomsday instead led to celebrations on the steps of city hall.
"Had we not been able to restore the funds and negotiate a different budget than what the mayor gave us, it would have been a disaster," said Councilman Albert Vann.
"When it comes to children and education, they are right there for us," said Andrea Anthony of the Day Care Council of New York.
But not everything at City Hall on Thursday was a cause for celebration, at least for Mayor Bloomberg.
In addition to the budget, the council also overrode the mayor's veto of the controversial living wage legislation, a proposal that would require some city subsidized developers to pay their employees $10 an hour plus benefits.
In the past, Bloomberg has threatened to sue the council over the measure.
Quinn, normally a Bloomberg ally, brushed off the threat.
"I don't understand why the mayor would sue but if he sues we'll defend the bill and we will win," she said.
The mayor's office wouldn't not comment on the council's override on Thursday. The living wage bill is set to go into effect in 90 days.