Yonkers Mayor Mike Spano on Monday released his $1.57 billion proposed fiscal year 2027 Executive Budget, which contains no cuts to municipal services or active workforce and maintains historic funding to Yonkers Public Schools.
“As we await the passage of New York State’s budget, this year’s Executive Budget is based on the governor’s proposed budget and must take into account the current global economic climate, such as cuts in federal funding, tariffs, inflation and a volatile market,” Mayor Spano said. “As such, this Executive Budget is honest and lean, and will look to offset the uncertainties left by many of these economic stressors.”
Budget snapshot
- $1.57 billion total budget
Sets the combined city and school tax rate at $1,013.69 per one thousand of assessed value, an increase of 5.25% over last year’s $963.14 per one thousand of assessed value.
- $298.4 million appropriation for the Board of Education
- $17.3 million in school construction in its capital budget for infrastructure and enhancing Wi-Fi
- The city’s water and sewer usage rates are proposed at a combined 3.17% increase, which is approximately half of the increase proposed in water rates charged by New York City to Yonkers.
- Includes a $64 million Capital Budget for City operations.
The proposed budget includes a tax rate increase of 5.25%, which is a result of settling union contracts and prudently setting aside funds through a contingency for outstanding contracts at similar wage increases to the settled, paying for a 9% increase to health insurance, or $9.4 million, which is a 2% tax levy increase alone, and supporting the district. Under the proposal, a typical home at the median assessed value of $10,900 would see their annual property tax bill increase by $551, or approximately $45.91 per month.
The Executive Budget includes a $298.4 million appropriation for the Board of Education.
This year’s Executive Budget recommits to education and Yonkers students despite a difficult fiscal outlook. The transfer to education will provide an additional $16.3 million through an equivalent increase to the Maintenance of Effort of $5.2 million that includes the absorption of the district’s IT department, a $4.6 million contribution towards the Joint School Construction Board costs, and assumption of $6.5 million in textbooks and equipment costs that will collectively assist in freeing up funds to be spent in the classroom.
“Together, we have fought hard over the years to build the District back,” the mayor said. “That includes our 90% graduation rate and programs like sports, music and art. However, during recent years, we have lost critical federal dollars that once helped stabilize our schools in the aftermath of COVID-19. Today, Washington leaders are unwilling to fully recognize the unique challenges facing urban school districts like ours and provide additional funding.”
Spano added that as a result of less federal aid, pending additional state aid, Yonkers Public Schools will need to restructure and consolidate to accommodate for the changing District that has seen a 10% reduction in-district regular students.
Overall, the 2027 Executive Budget minimizes departmental spending, except for contractual and state mandated increases, eliminates three vacant positions and comes with internal instructions to limit travel, fill vacant positions only when necessary, preserve spending flexibility, and emphasize additional efficiency measures where possible.
The FY27 Budget is the 50th under the Special Local Finance and Budget Act of 1976. General Fund Wages and Fringe Benefits represent approximately 74% of General Fund expenditures.
The Yonkers City Council must review and adopt the City budget for the new fiscal year, which begins July 1, 2026.
