Westchester County Executive George Latimer this morning unveiled the 2022 Proposed Operating Budget for the county. It totals $2.2 billion and includes a $64 million surplus and a $7 million cut in property taxes.
Latimer said that having a reasonable surplus ensures the county has adequate funds to deal with unforeseen issues. He said it also will help encourage bond rating agencies to restore AAA ratings for county bonds, enabling them to carry lower interest rates. That results in savings for the county and, ultimately, taxpayers. The current bond rating is AA+.
Latimer said that the property tax cut is the largest in more than 10 years and marks the third consecutive cut under his administration.
“There are no financial gimmicks, no one-shots, no borrowings for operating expenditures, and no use of reserves of any kind in my proposal,” Latimer said. “Additionally, my 2022 proposal doesn”™t require any short-term cash flow borrowing, a first since 2009.”
Latimer presented the budget as being business friendly, with $25 million for various economic development programs. He said there will be $3 million in support for the hospitality and tourism industry, $3 million for workforce training and $2 million for encouraging entrepreneurship.
Latimer said that the county will continue to promote Westchester as a place to start and grow businesses, pointing to Tarrytown-based Regeneron as an example to be emulated.
“It started out with brilliant men, and an idea, and the beginning of something that incubated and grew to a tremendously successful company,” Latimer said. “Now, not every company is going to turn into a Regeneron but a company with two people and an idea can become a company with five people and with 25 people and that may be where the job comes, if not for you then for your children. And that represents wise, intelligent investment in our economic growth.”
The budget includes $52.8 million for the Department of Public Safety, the largest appropriation for that department in county history.
It includes $31.9 million for the purchase of electric hybrid buses for the county”™s Bee-Line Bus System, along with $4.3 million to begin the process of electrifying the county”™s two bus garages and $1 million for the installation of electric vehicle charging stations at county facilities.
Among the many items in the budget are a $1 million fund to help small landlords with rehabilitation of properties, $5.6 million to expand child care, and $1 million for senior citizen telehealth programs.
The 2022 Proposed Operating Budget that was unveiled is on top of the 2022 Proposed Capital Budget that was released last month. The Capital Budget came to $476.4 million, including $291.9 million for general county purposes; $152.4 million for the sewer and water districts; $4.1 million for the refuse district; and $28 million for Westchester County Airport.
