Will Reduce Year-Over-Year Spending By Almost $2 Million Dollars
(May 14, 2012) --- Mayor Pedro E. Segarra today submitted two substitute ordinances to the Court of Common Council following non-passage of a tax bill last week.
"The two substitutes ordinances represent a considerable amount of work and serious deliberation. Since the legislature adjourned last week, I have spent time reviewing all financial projections and analyzing each budget line item to determine what reasonable possibilities existed for cuts. The revenue projections are verified, legitimate and track with recent economic and fiscal trends. The reductions that I have recommended, and those that remain on the table, are not desirable and in some cases may result in job losses and diminished services. Nevertheless, I firmly believe that inaction, which likely would have resulted in a substantial mill rate increase, was not the appropriate and prudent course: it would have inflicted dramatic and substantial pain to residential and commercial property owners," said Mayor Segarra.
The Mayor's substitute General Fund Appropriation Ordinance recommended the following reductions:
The substitute Tax Levy Ordinance made the following modifications:
Mayor Segarra continued, "Accounting for both the additional revenue and the cuts, the remaining gap of $2,575,623 will result in a 76.1 mill rate, or a .8 mill increase over the pending 3.51 mill increase. This increase will produce an approximate 2% increase in single-family properties, which is 3% less than originally projected, and as a class residential property will see a 4% drop; commercial properties will continue to see a substantial average drop of about 18%. With the additional cuts, year-over-year spending will be reduced by $1,953,882."