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Finance commissioner presents $62.6M comprehensive budget; proposes no property tax increase
Summary
The city's finance commissioner presented the 2025 comprehensive budget recommending a $62.6 million plan with no increase in property tax rates, while flagging rising personnel and benefits costs and priorities including homelessness, Loughberry Lake Dam repairs and affordable housing projects.
Commissioner of Finance presented the city's 2025 comprehensive budget to the City Council, describing the proposal as a prioritized, balanced plan that would keep the city's property tax rate unchanged for 2025 and allocate funds across public safety, public works and capital projects.
The commissioner said the 2024 adopted budget was about $61.3 million, the requested budget totaled roughly $66.2 million, and the comprehensive budget in hand had been trimmed to approximately $62.6 million. He outlined top priorities for 2025: homelessness response, reconstruction of the state-classified high-hazard Loughberry Lake Dam (bonding approximately $7.5 million to meet NYS DEC requirements), and continued work on affordable and workforce housing projects.
On revenue and tax policy, the finance commissioner told the council the recommendation is for no increase in property taxes this year. "There is no rate change and no increase in taxes," the commissioner said, explaining the proposal relies on conservative revenue estimates (noting sales-tax growth is cooling) and partial use of fund balance and reserves.
The presentation detailed major expenditure drivers: personnel and benefits, which now make up the largest share of the budget; training and retirement cost increases; the continued phase-out of federally funded firefighter positions; and projected debt service. The commissioner said the city is near its self-imposed 2% debt limit (about 89%) and urged prudence on new capital borrowing to avoid reaching the limit.
Council members asked about specific line items, overtime drivers and special-event costs. The finance office noted collections on delinquent taxes (roughly $2 million owed plus $1 million in penalties and interest) and an active legal/title process to pursue older delinquencies.
The commissioner outlined next steps: budget workshops and hearings in October, a public hearing on Oct. 15, a second hearing on Nov. 6, and a Nov. 30 adoption deadline under the City Charter. Council members did not adopt the budget at the meeting; the presentation opened the public schedule and follow-up work in committee and workshops.
