Yonkers Mayor Mike Spano has released his Fiscal Year 2024 Executive Budget, which calls for spending totaling $1.4 billion, up by $21.3 million from last year, which amounts to a 1.54% increase.
The budget does not call for cuts to the city workforce or services while providing the most money for the Yonkers Public Schools in the history of city budgets. The proposed budget 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,” Spano said. “We”™ve increased revenues and made financial decisions that have allowed us to stay on the road toward fiscal stability. 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.”
Spano’s budget includes a record $704.8 million appropriation for the Board of Education. There is a 2.95% increase in property taxes. The Executive Budget also contains $96 million earmarked for capital improvements, which includes $30 million for Yonkers Public School capital projects.
According to the budget, 35% of the funding would come from state and federal sources, 30% from property taxes, 7% from sales taxes, 5% from income taxes, 4% from other taxes, 3% from water and sewer charges and 16% from other sources.
The City Council now reviews the budget and public hearings take place. Possible changes are negotiated with the administration. The final budget is due for adoption in June in time for it to be put into effect in July.
