SCHENECTADY - With only a handful of city council members and city officials on hand Sunday afternoon, Mayor Gary McCarthy presented his proposed budget for next year. Schenectady continues to struggle financially, last year's budget left the city with a $5 million dollars deficit. McCarthy acknowledged that difficulty but said they were moving forward.
McCarthy's proposal would reduce the overall budget by .48%, staying within the 2% property tax cap levy but still the tax rate will go up by just over 4%.
City Councilman Vince Riggi said those increases left him concerned.
According to a recent report, Schenectady is carrying more than $30 million dollars in debt, which the mayor attributes in part to fewer people paying their taxes. Specifically, McCarthy said its property taxes, leading to as rise in foreclosures.
Moody's Investor Services downgraded Schenectady's bond rating Wednesday, citing that as one area of concern.
Those that do pay will now be footing higher bills.
News 10 spoke with several homeowners Sunday evening and most seemed to understand the need for it.
The City Council will review the proposal and has until November 1st to vote on it.
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