Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Peekskill reports surplus, debt reduction and major grant awards
Summary
Mayor Vivian McKenzie said 2024 revenues exceeded budget by $1M and expenditures were $100k under budget for an expected $1.3M surplus; she noted an ARPA grant of $2.3M, a Momentum Award of $10M (matched to reach $20M), fund balances of about $5M and debt reduced from $38.3M to $25.1M over five years.
Mayor Vivian McKenzie gave a year-end financial snapshot for 2024, reporting revenue and debt trends and announcing major grant awards. She said the city expects 2024 revenues to exceed budget by $1,000,000 and expenditures to be $100,000 less than budget, yielding an expected $1,300,000 surplus; she cited revenue drivers including parking fines, permits, metered parking, non-property taxes and a $2,300,000 ARPA grant.
McKenzie described a Momentum Award of $10,000,000 the city received in April 2024 that will be matched with a small city bond and $6,000,000 in developer funds to total $20,000,000 for infrastructure projects such as riverfront green park, garage improvements and streetscape work. She also noted the fund balance has hovered around $5,000,000 and that debt has fallen from $38,300,000 to $25,100,000 (a 35% decline) over five years.
