JAMESTOWN – Mayor Sam Teresi will present his executive budget for next year during a presentation Tuesday in City Hall.
Under the city charter, the Mayor is required complete and present his budget by Oct. 8 each year, unless the day falls on a weekend or holiday. When that happens, the Mayor can present the budget the first business day available following the deadline, which is today.
In recent months the mayor has said 2019 will be another financially challenging year for the city – largely due to increased costs with government without increased revenues to help close the spending gap. That’s largely due to the city having reached its maximum limit with property taxes under state law.
For both the 2017 and 2018 fiscal years, Teresi presented an unbalanced budget as a result of the lack of projected revenue. Each time the state has been able to provide additional aid to help plug the gap. And even though the city saw a significant surplus at the end of 2017, it will still likely need outside help from Albany in order to balance its books.
Last year Teresi presented a $35.7 million spending plan for 2018 that included a budget deficit of $947,000, along with a 0.88 percent property tax increase. That increase brought the city’s tax rate to $23.98 per thousand assessed value, the constitutional taxing limit for the city.
Once the mayor presents his 2019 executive budget, the Jamestown City Council will begin the process of reviewing, amending, and finalizing the plan before the Dec. 1 deadline. This year the council is tentatively scheduled to act on the plan during its Nov. 26 voting session. A hearing on the budget will take place a week prior, at 6 p.m. Monday, Nov. 19.
The mayor will present his 2019 spending plan today at 4 p.m. in the Mayor’s Conference Room, fourth floor of city hall. That meeting is open to the public.