Westchester Reporter

Yonkers Mayor Mike Spano has unveiled his Fiscal Year 2025 (FY25) Executive Budget proposal, promising no cuts to municipal services or active workforce while emphasizing support for Yonkers Public Schools.

In his address, Mayor Spano highlighted the importance of fiscal responsibility and strategic financial decisions, stating, “Together, despite the tight dollars, we will move forward by making the right financial decisions to benefit our taxpayers and our kids.”

The Administration's budget for FY25 reflects an increased allocation of $7.3 million for education compared to the previous fiscal year, marking a cumulative increase of $498.5 million since Fiscal Year 2012. Notably, $5 million in Temporary Municipal Assistance Aid from New York State has been reallocated to Yonkers Public Schools.

Expressing gratitude for the state's support, Mayor Spano acknowledged, “I want to thank the Governor and state delegation for endeavoring these important funds on behalf of our City. We decided to place it where it was needed most, our schools, and unfortunately, it’s still not enough.”

However, challenges lie ahead for Yonkers Public Schools, which face a loss of $33 million in aid from federal sources, necessitating restructuring to adapt to changing demographics and financial constraints.

With various cost pressures, including increased healthcare expenses and limited state funding, the Executive Budget proposes a tax rate increase of 5.51%, exceeding the state-mandated tax cap. This adjustment would result in a $531 annual property tax increase for a typical one-to-three-family home at the median assessed value.

To alleviate the burden on seniors, the Executive Budget introduces a new Senior Citizen Tax exemption, offering approximately $2.4 million in property tax savings for eligible individuals.

Mayor Spano urged City Council members to collaborate on budget discussions, emphasizing the need for cooperation in addressing fiscal challenges. The proposed budget includes significant appropriations for education, capital improvements, and grant initiatives, with a total budget of $1.46 billion.

The Yonkers City Council has until June 1 to approve the budget for the new fiscal year, commencing on July 1, 2024. Residents can access Mayor Spano's full Executive Budget proposal on the city's official website.