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Schenectady may have budget surplus
SCHENECTADY The City of Schenectady will finish its budget year with a surplus. Mayor Gary McCarthy tells CBS6 the final amount of the surplus will depend on the collection of taxes which are due on Wednesday but its likely to be modest. Despite the fact that homeowners in the City of Schenectady have consistently paid some of the highest taxes in the state of New York, the surplus is not expected to have any impact on the tax rate.
The overall cost of home ownership in the City of Schenectady is cheaper than our suburban neighbors and other communities in the Capital District even though taxes may be a factor because the market has discounted the price of the house, your overall cost is cheaper, McCarthy says in response to the tax rate in his City and how it likely deters potential homebuyers. While the city has been able to keep its tax increases under the 2% tax cap for the last several years, the years before that have added up quickly. You never want to raise taxes, I know taxes are too high but until we deal with some of the structural issues, get rid of the distressed properties... we're working with our school district, I have a say in about 27% of the tax rate, 70% is controlled by other levels of government, McCarthy says.
But when it comes to that 27%, McCarthy does say long-term, hed like to offer some tax relief. Were just down the road a little bit from thateveryday we're trying to look for sources of revenue, manage expenses and continue to provide the level of services that people want and have come use to in the city of Schenectady he says.