Chamber attends County and City budget proposals

The Chamber attended Broome County and the City of Binghamton’s budget proposals for 2018. Below is a brief summary of each budget, and the chamber will keep our members up to date as this process progresses.

2018 Broome County Proposed Budget

  • County Executive Jason Garnar proposed a $378 million budget that will need to be approved by the County Legislature
  • Garnar was strong to emphasize the amount of fiscal stress Broome County currently faces and tight the budget is
  • Budget is calling for a 1.84 property tax increase, which is under but will come right up to the edge of the tax cap
  • Continuing with a freeze, or slowing, on county jobs and not backfilling positions that remain open
  • Budget will honor the 50/50 split of sales tax revenues between the county and municipalities

2018 City of Binghamton Proposed Budget

  • Mayor David proposed a $93.4 million budget that needs to get approved by the city council
  • Tax Decreases:
    • Residential tax decreases by 2.26% (a home assessed at $80,000 will see a roughly $42 tax reduction from last year
    • Commercial taxes will decrease by 1.66% (from $42,01/thousand to $41.31/thousand
    • Continued decreases from previous years
  • Adding 2 new police officers to the force
    • Brings the total of new officers of 9 since Mayor David took office
    • These 2 new positions are dependent on a US. Department of Justice grant. If grant is not received, they will not be adding the positions
  • Debt Reduction:
    • City will pay off $4.8 million in 2018 and borrow $4 million
    • The City will be paying off 10 projects in full this year and will save $260,000 over 10 years
  • Will continue infrastructure updates and fixes
  • Front Street Gateway project will finally be started this fall
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