I received a press release from Commissioner of Finance Michele Madigan reviewing the recently adopted budget (December 1, 2020) for next year. The release is well crafted and easily understood and worth the read. The budget was unanimously adopted by the Council. Here are some highlights:
The total of the proposed budget comes to $46,226M down from this year’s budget of $49M.
There is a 6% increase in the city tax rate. This is the first tax increase in nine years.
The monthly increase will range from $6.00 for a home assessed at $200,000.00 to $20.00 for a home assessed at $650,000.00.
The city budget assumes federal aid. The New York State Comptroller has encouraged local municipalities to make this assumption at this point rather than cut services.
In the past the city has paid into the retirement fund early (December) in order to get a modest discount. The city will now reset the 2021 payment to February of 2022 with no penalty. If, hopefully, the federal government comes through with COVID assistance, these moneys will be used to make the retirement payment during 2021.
The city will sell some of its property.
The budget anticipates a decline of 50% from the 2019 New York Racing Association admissions revenue.
The budget also assumes decreases in sales tax, mortgage tax, and VLT aid.