44°
YONKERS, N.Y. Yonkers Mayor Mike Spano released the citys deficit projections for the next four years on Friday, totaling more than $420 million. The mayor cited several fiscal obstacles, which have led to an erosion of the citys tax base, and need to be overcome.
I am committed to building fiscal stability in Yonkers and I believe that identifying our fiscal obstacles now is the next step in embarking on a comprehensive overhaul of its historical budgetary practices, Spano said in a news release.
Spano targets the lack of re-evaluation of outstanding labor contracts in nearly 60 years; lack of city oversight on Board of Education spending; and capital infrastructure.
Earlier this year Spano formed a Commission of Inquiry into the citys finances, led by former Lt. Governor Richard Ravitch and former state Assemblyman Richard Brodsky, who were able identify a $89 million budget deficit for 2013 alone. The projections also included a deficit of $155 million in 2014-2015 and a deficit of $187 million for 2015-2016.
By identifying these figures now we can best set a course plan on how to right the wrongs of the past, Spano said. The proverbial buck stops here, in Yonkers, and we must take accountability, stop the gimmicks and make the very difficult choices necessary to move this city forward.
In addition to deficit projections, Spano listed other fiscal factors facing the city: A rise in property taxes limited to the two per cent tax cap per year; a three percent increase in revenues from sales and use tax per year; the annual increase in Yonkers Board of Education expenses up to seven percent and the rise in debt service, retirement and health-care costs up to 10 percent.
Click here to follow Daily Voice Yonkers and receive free news updates.
