Mayor Spano Presents his proposed budget to the Yonkers City Council and Superintendent Dr. Edwin Quezada
Yonkers Mayor Mike Spano today released his Fiscal Year 2024 Executive Budget proposal, which contains no cuts to the City workforce or services, provides its largest contribution to Yonkers Public Schools and stays within the state-mandated tax cap.
“The City’s ability to remain successful over the last decade is due in part to the Administration’s fiscal responsibility and frugal spending,” added Mayor Spano. “We’ve increased revenues and made financial decisions that have allowed us to stay on the road toward fiscal stability.”
Mayor Spano added, “This year’s Executive Budget is based on the Governor’s proposed Executive Budget, as we await the New York State Legislature to vote and adopt its 2024 Budget. Since the City needs to adjust to rising inflation and interest rates for the years ahead, this Executive Budget is honest and lean, maintaining our workforce and services while reaffirming our commitment to education.”
Executive Budget Overview:
The Executive Budget for the Fiscal Year 2024 for the combined City and Board of Education (BOE) Operating Funds is $1.4 billion, an increase of $21.3 million or 1.54%.
Yonkers Board of Education
The Executive Budget includes a record $704.8 million appropriation for the Board of Education, the largest ever budgeted by an Administration.
For FY24, the Maintenance of Effort contribution to education will go up by $5 million. The Administration’s contribution to the Maintenance of Effort has increased $418.4 million cumulatively since 2012.
Municipal Operating Budget
Included in the Executive Budget is a municipal General Fund operating budget of $696.4 million. General Fund Departmental Expenditures are budgeted at $330.2 million.
The Administration took the slowing economy and rising costs under consideration producing a FY24 Executive budget that, excluding contractual fringe benefits, such as, pension, health insurance, and social security, and legal debt service obligation costs, proposes General Fund expenditures to decrease by $20.9 million, or 5.3%. Reducing budgetary slack, removing non-essential vacancies, and concentrating on departmental efficiencies while not reducing services help produce this year over year budget reduction of 5.3%.
The Executive Budget stays within the state mandated tax cap with a proposed 2.95% increase in the property tax rate. Under the proposal, a typical one-to-three family home at the median assessed value of $10,900 would see their annual property tax bill increase by $277, or approximately $23 per month.
Mayor Spano added, “My hope is that the 2024 Executive Budget is a basis for discussions and decisions. I ask our City Council members to continue to build upon the spirit of cooperation that has passed ten consecutive bipartisan budgets during my time in office.”
Budget Snapshot:
• $1.4 billion total budget
• Proposes increase in property tax rate of 2.95%, staying within state-mandated tax cap
• Maintains city services and municipal workforce
• $704.8 million appropriation for the Board of Education, the largest ever budgeted by an Administration.
The complete Fiscal Year 2024 Executive Budget can be downloaded at www.yonkersny.gov.
City Council President Lakisha Collins-Bellamny and Majority Leader Tash Diaz said that Mayor Spano’s proposed 2023-24 budget, strikes the right balance between maintaining City services while staying within the State’s tax cap. They also said they supported the Mayor’s plan to again increase funding for the City’s public schools.
“Staying within the tax cap during a time of roaring inflation is a major challenge, and this budget meets that challenge,” said Collins Bellamy, adding, “Costs are going up near double digits, but this budget keeps spending increases to the low single digits, which is not easy.”
Said Majority Leader Diaz, “The City Council will now consider the budget line-by-line to see where we can make improvements, but the budget as proposed by the Mayor gives us a good place to start. Maintaining services while keeping costs down is where we want to be.”
They noted that the proposed budget keeps spending increases to 1.55 percent, despite the City having settled virtually all its outstanding labor contracts and having to deal with substantial increases in mandated health care and pension costs.
“This is the right budget for these times,” said Collins Bellamy, “It maintains the services that people count on, but while also keeping the tax burden under control.”
“People are faced with cost increases in every aspect of daily life, and they are being forced to cut back, so it’s nice to see a budget that controls costs without unacceptable cutbacks in services.”
