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Council hears midyear transfer of roughly $4.7 million; local tax‑cap law and other finance items discussed
Summary
The city’s finance commissioner presented a midyear budget transfer of about $4.7 million, largely to cover higher health‑insurance costs; councilors also reviewed a routine local law to address the New York State tax cap and heard staff say a HELOC agreement is under review.
Mike Kenizzaro, Commissioner of Finance, presented the midyear transfer projection and supporting materials. Kenizzaro said the midyear transfer involves about $4,700,000 in reallocated funds: roughly $1,300,000–$1,400,000 moved to departmental expenses and about $3,400,000 moved to special objects, the largest single component being increased medical insurance costs.
Kenizzaro explained higher health‑insurance claims and…
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