Buffalo, N.Y. (WBEN) - In addition to a 25% property tax hike, in the new city budget, Mayor Sean Ryan is requesting the ability to borrow up to $500 million through the Buffalo Control Board.
"That dollar figure isn't actually what we intend to borrow, that's just giving some cap above their existing level of $175 million," Buffalo Deputy Mayor Ben Swanekamp told reporters Monday.
"That can be used for an array of things, including regular bonds. All the general obligation bonds the city issues for things like buying fire trucks, or fixing roads or bridges...you can do that through BFSA at a much lower interest rate because they have a AAA rating, so there's a benefit in terms of savings for that," Swanekamp said.
Other measures the administration is eyeing to close a $109 million deficit include going after long due back taxes, fees and fines.
"Our focus right now is on, if we can, avoiding going through with the parking ramp transaction and getting the money we need for that, around $46 million over 2 years, out of a deficit bond which will have much lower interest over 10 years versus the parking ramp transaction which will have over $20 million of interest over 20 years."
Request comes days have Ryan's announced 25% property tax increase
