Mayor Domenic J. Sarno and Chief Administrative and Financial Officer TJ Plante released the Fiscal Year 2020 budget this afternoon during a press conference at City Hall. The FY20 budget totals $691.7 million and has once again been stabilized without the use of reserves.
Mayor Sarno stated, “I’m very proud and thankful to our entire city team from cabinet heads down to rank and file for their continued and dedicated efforts in moving our city forward. Special thanks to my Chief Administrative and Financial Officer TJ Plante, Budget Director Lindsay Hackett, and our award winning Finance Department for their yeoman efforts. From my heart and soul, thank you to our residents and business community for your continued support and confidence in my administrations abilities.”
Mayor Sarno continued, “For the fifth consecutive year, we’ve balanced our budget without use of reserves while maintaining core services and initiatives in economic development, schools, public safety and quality of life issues. This type of sensible financial management is unheard of in this day and age. We’ve been efficient, effective, and compassionate in presenting a $691.7 million budget that grows less than 5.4% and maintains the highest bond ratings in our city’s history, as well as sustains our reserves of nearly $50 million from our city side only overall budget (city $246.8 million / school side – general $444.9 million). Through not only urban challenges, but also natural and man-made disasters and economic recession, my administration’s prudent, disciplined and strategic decisions continue to pay dividends.”
CAFO T.J. Plante added, "I am happy to present this budget that is balanced for the fifth year in a row without the use of reserves, while maintaining core services that our residents deserve. We have been very deliberate and strategic in how we manage our finances. This budget represents an increase of 5.4%.”