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YONKERS, NY ~ Yonkers Mayor Mike Spano has unveiled his proposed budget for Fiscal Year 2026 (FY26), which includes no cuts to municipal services or the active workforce and maintains historic funding for Yonkers Public Schools. The budget, released on April 15, 2025, is based on the Governor's proposed budget and takes into account the current global economic climate.
In a video message, Mayor Spano stated that the Executive Budget is "honest and lean" due to potential cuts in federal funding, tariffs, inflation, and a volatile market. He also mentioned that it will look to offset uncertainties caused by these economic stressors.
The combined City and Board of Education (BOE) operating funds for FY26 will be $1.49 billion. Both municipal and BOE spending will remain steady but will consider contractual union costs, reimbursable service expenses, garbage disposal costs, special education needs, water rate increases, and other rising costs.
The Executive Budget includes a $298 million appropriation for the Board of Education. Despite a difficult fiscal outlook, Mayor Spano reaffirmed his commitment to education and Yonkers students. The proposal includes the Administration's combined contribution of $298 million (including Debt Service and Maintenance of Effort contributions) to the BOE. This transfer will provide $4.6 million in debt service relief that can be used towards Joint School Construction debt service costs.
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Additionally, the Administration will absorb over $10 million of BOE administrative services into the City's municipal budget. The Executive Budget also proposes $17 million in school construction in its capital budget.
Mayor Spano expressed hope that the State would approve a change in the Regional Cost Index (RCI), which could result in an additional annual aid of up to $22 million for Yonkers Board of Education. He urged state leaders to provide fair and additional funding for schools until then.
The Executive Budget also includes a municipal operating budget of $736 million. City General Fund Department Expenditures, Department Debt Service, and Special Items are budgeted at $396 million. The budget minimizes departmental spending, except for contractual and state-mandated increases, and does not include any additional positions. Mayor Spano has instructed departments to limit travel, activate hiring freezes, and emphasize efficiency measures until the economic outlook from the federal and state governments becomes clearer.
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The proposed tax rate increase is 2.68%, which is within the state-mandated tax cap. This would result in a combined tax rate of $961.55 per one thousand dollars of assessed valuation. For a typical home at the median assessed value of $10,900, this would mean an annual property tax bill increase of $274 or approximately $23 per month.
Mayor Spano emphasized that the 2026 Executive Budget provides flexibility to offset potential cuts in federal aid and variable economic conditions. He called on partners including state leaders and City Council to continue building upon the spirit of cooperation that has resulted in consecutive bipartisan budgets during his time in office.
The proposed budget includes a total budget of $1.49 billion and maintains city services and the municipal workforce. The Yonkers City Council must adopt the City budget by June 1 for it to take effect by July 1, 2025.
To view Mayor Spano's proposed Executive Budget, visit www.yonkersny.gov.
In a video message, Mayor Spano stated that the Executive Budget is "honest and lean" due to potential cuts in federal funding, tariffs, inflation, and a volatile market. He also mentioned that it will look to offset uncertainties caused by these economic stressors.
The combined City and Board of Education (BOE) operating funds for FY26 will be $1.49 billion. Both municipal and BOE spending will remain steady but will consider contractual union costs, reimbursable service expenses, garbage disposal costs, special education needs, water rate increases, and other rising costs.
The Executive Budget includes a $298 million appropriation for the Board of Education. Despite a difficult fiscal outlook, Mayor Spano reaffirmed his commitment to education and Yonkers students. The proposal includes the Administration's combined contribution of $298 million (including Debt Service and Maintenance of Effort contributions) to the BOE. This transfer will provide $4.6 million in debt service relief that can be used towards Joint School Construction debt service costs.
More on Nyenta.com
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Additionally, the Administration will absorb over $10 million of BOE administrative services into the City's municipal budget. The Executive Budget also proposes $17 million in school construction in its capital budget.
Mayor Spano expressed hope that the State would approve a change in the Regional Cost Index (RCI), which could result in an additional annual aid of up to $22 million for Yonkers Board of Education. He urged state leaders to provide fair and additional funding for schools until then.
The Executive Budget also includes a municipal operating budget of $736 million. City General Fund Department Expenditures, Department Debt Service, and Special Items are budgeted at $396 million. The budget minimizes departmental spending, except for contractual and state-mandated increases, and does not include any additional positions. Mayor Spano has instructed departments to limit travel, activate hiring freezes, and emphasize efficiency measures until the economic outlook from the federal and state governments becomes clearer.
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The proposed tax rate increase is 2.68%, which is within the state-mandated tax cap. This would result in a combined tax rate of $961.55 per one thousand dollars of assessed valuation. For a typical home at the median assessed value of $10,900, this would mean an annual property tax bill increase of $274 or approximately $23 per month.
Mayor Spano emphasized that the 2026 Executive Budget provides flexibility to offset potential cuts in federal aid and variable economic conditions. He called on partners including state leaders and City Council to continue building upon the spirit of cooperation that has resulted in consecutive bipartisan budgets during his time in office.
The proposed budget includes a total budget of $1.49 billion and maintains city services and the municipal workforce. The Yonkers City Council must adopt the City budget by June 1 for it to take effect by July 1, 2025.
To view Mayor Spano's proposed Executive Budget, visit www.yonkersny.gov.
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