Jamestown Mayor Sam Teresi
JAMESTOWN – Jamestown Mayor Sam Teresi will present his 2014 executive city budget this afternoon. Although many of the details have not yet been released, the mayor has already said it will be another tough budget year, due to escalating costs in several areas.
“As for challenges, the big ones that we have been dealing with for several years are health insurance, workers’ compensation, explosive costs in retirement contributions, along with the same things all families are facing, including increases in utility and transportation costs. But the big ones are health insurance, workers comp and retirement.”
The mayor specifically pointed to rising retirement costs, saying a couple of upcoming retirements in a couple of departments will lead to a higher line item to in the 2014 city budget, compared to previous years.
“We have several retirements coming up, which is a two-edged sword,” Teresi explained. “On one hand it will eventually provide salary relief, but the way the contracts work with any retirement, there is a first year buyout cost that we have to cover and so that will be a challenge this year.”
The total spending for the 2013 city budget was $33.45 million dollars and called for a property tax increase of .8 percent. The city council has already approved a local law that would allow the city to go over the state mandated tax cap if necessary – although that local law is still subject to a public hearing prior to being signed by the mayor. That public hearing will take place this Thursday at 9 a.m. in the police training room on the 4th floor of City Hall.
Meanwhile, Teresi will deliver his 2014 budget in the Mayor’s Conference Room at 4 p.m. today. The presentation is open to the public. Once the budget is presented, the city council has until late November to amend and finalize the spending plan.
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