YONKERS, N.Y. The eagerly anticipated four-year financial projections for the city of Yonkers will be introduced at a Mayors' Summit in Syracuse Tuesday.
I am committed to building fiscal stability in Yonkers and this Summit is the step in the right direction to getting us there, Mayor Mike Spano said in an official release.
Mayors from Syracuse, Rochester, Albany and Utica will all present their four-year financial projections while also studying the recent financial problems that have crippled cities such as Detroit, Mich., Stockton, CA and Camden, N.J. Spano said his four year plan validates the severe structural gap between recurring expenditures and recurring revenues initially revealed by the Commission of Inquiry earlier this year.
The Commission, which is made up of former Lt. Gov. Richard Ravitch and New York Assembly member Richard Brodsky, has been given the responsibility of providing a clear understanding of the citys budgetary crisis. The Commission responded by finding an $89 million budget deficit for 2013.
To succeed we must step up and right the wrongs of the past in our citys finances and make the tough choices now that will provide for a brighter future, Spano said.
More details from Spanos four year plan will be released later this week.
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