Utica Mayor Robert Palmieri’s proposed $72.5 million budget for the 2018-2019 fiscal year comes with a 7.8 percent tax increase.
Palmieri unveiled the proposed budget to the city’s Board of Estimate and Apportionment on Monday morning. The board approved the budget proposal in a 4-1 vote, and it will now be passed on to the Common Council for a vote.
Palmieri says the tax increase can be attributed to “mandated costs” that are “driving forces behind the proposed budget.”
Compared to the 2017-2018 budget, the proposed 2018-2019 budget includes a $1,182,831 increase for retirement; $1,094,524 increase for long term debt, which includes the cost of the city’s paving plan; $538,899 increase for salary; and $517,622 increase for medical insurance.
“While this is a challenging budget given the increases in mandated costs, the track record and credibility of our administration in improving the finances of the city is strong among experts in the financial community,” Palmieri said in a news release. “For the seventh consecutive year, I am proposing a fiscally responsible budget which provides the services needed for continued economic development, funds quality of life initiatives and invests in our city’s infrastructure.”
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