Buffalo, N.Y. (WBEN) - Mayor Sean Ryan is bracing for what he calls a very blunt and harsh 2026-2027 fiscal budget for the City of Buffalo.
Facing a budget gap that could run as deep as $80 million to $100 million, Ryan is warning city residents that a property tax increase - perhaps as much as 15% or, at least, $360 per household in his new budget.
"I can't candy coat it," Ryan said.
Since the earliest days of his mayoral run, Ryan said he was going to be upfront and honest about Buffalo's fiscal picture. All along he warned of property tax increases and other measures.
Since taking office on Jan. 1 and doing a deep financial dive with his administrative team, Ryan discovered Buffalo's canyon-like budget gap was deeper than he first imagined.
"It is definitely worse," Ryan said.
To help fill the 2025-2026 budget gap - projected to be around $54 million - Buffalo is getting one time, $40 million cash infusion from New York State, courtesy of Gov. Kathy Hochul.
Future bail outs from the state may not be forthcoming, or, as deep.
"We have to work ourselves out of this," Ryan said.
Ryan admits it may take a few fiscal cycles to stabilize Buffalo's finances.
In addition to increasing property taxes, Ryan wants new taxing structures for vacant land and investment-owned properties, running foreclosure auctions, collecting long overdue back taxes, fees and fines and working with the Buffalo Fiscal Stability Authority on a deficit financing package.
Everything is up for discussion, Ryan says.
"I'm just going to be honest and upfront on this," Ryan said.