UTICA, N.Y. — Utica taxpayers face a 7.8 percent tax increase under the budget plan offered by Mayor Robert Palmieri on Monday.
Palmieri told the Utica Board of Estimate and Apportionment that rising costs for health care, personnel, retirement expenses, and long-term debt required him to propose the increase, the largest in recent years.
“The increases in these four mandated items create a $3.3 million deficit which would require an 11.2 percent tax increase just to cover this cost,” he said.
(Sponsored)
Important Tax Law Changes To Be Aware Of
Effective planning for your construction business not only includes understanding the items that impact your operations but also the results that taxation on your profits will have on your net
CECL Accounting Standard: What You Need to Know
The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 326, Financial Instruments-Credit Losses, became effective for all entities on January 1, 2023. This accounting standard introduces the current expected
“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,” Palmieri contended.
In his budget announcement, Palmieri offered reminders that the city’s bond rating has been upgraded in recent years and city spending has risen on average less than 1 percent a year for the past decade. “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” he declared.
Contact McChesney at cmcchesney@cnybj.com
Photo credit: 2016 file photo from Utica mayor’s Twitter page
