This week, our City Comptroller released a report to the Finance Committee of the Common Council detailing the City’s strong financial position as of the end of 2018. By exercising year-round budgeting and working closely with each department to stay on track, we ended 2018 with a surplus for the third year in a row. In addition to paying down short-term retirement debt- which means we’ll save money faster- I am proposing to reinvest these surplus public funds to increase the number of streets the City’s Department of Public Works will be able to pave in 2019.
Since 2016, we have continued to lower tax rates for both residential and commercial properties, even while other communities are voting to exceed the NYS Tax Cap. We have successfully negotiated two union contracts, retained a strong workforce, and advanced an incredibly ambitious agenda. We’re building new sidewalks, fixing underground utilities, enhancing our public transportation, creating socially responsible and progressive policies, preserving our historic assets, protecting our natural resources, and making the city’s largest investment into quality housing in decades.
Thank you to all of our hard-working department heads and staff, as well as the Common Council for continuing to support our efforts. Finally, thanks to all of you for your support and trust in my administration to effectively manage our resources.