City of Yonkers reaches budget deal

A long-awaited tentative budget deal has been reached in the city of Yonkers.To watch the news conference where Yonkers officials unveiled the city's revised budget, go to channel 612 on your iO digital cable box and select iO Extra.

In a press conference this morning, city officials said that school system jobs will be saved, and some money will be set aside for educational programs. The City Council is expected to vote and pass this budget.

The money comes from negotiations between the city and Yonkers Raceway, and also from city police and firefighters? overtime.

City officials had originally said the city would run out of money in July if a budget wasn?t in place. The Yonkers city budget was due three weeks ago, but trying to figure out how to close a $42 million gap was a big problem.

According to city officials, the deal reached is not expected to raise property taxes beyond the 4.8 percent increase that was originally proposed in the mayor?s executive budget.

Mayor Phil Amicone proposed the creation of a transitional finance authority that would have allowed the city to borrow $20 million to offset the debt and save some jobs. But when the teachers union refused a voluntary one-year pay freeze, the mayor took the plan off the table.

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