Achieving financial sustainability is critical so we can position Syracuse to take advantage of the unprecedented economic opportunities that lie in front of us. The last several years the City has relied on aid from the federal government's American Rescue Plan Act (ARPA) funds to balance the budget. That aid is now sunsetting and fiscal year 2024 (July 1, 2023 - June 30, 2024) marked a return to draws on the reserve fund.

We must address the City's structural deficit while we continue to deliver vital services effectively, efficiently, and with full accountability. As Mayor I will address the deficit by addressing both the revenue and expense sides of the equation.

Revenue

• Proactively explore the opportunities of new revenue sources (i.e. recreational cannabis excise tax, and vacant property fees) to aide in relieving the tax burden of city residents.

• Ensure that the property tax levy is distributed across all parcel owners fairly and equitably by completing the first City-wide revaluation in decades. This will also ensure that the unprecedent rise in real estate values is reflected in City tax bills.

• Work with our partners in the County to negotiate an extension to the current City/County sales tax agreement that is vital to our financial well-being.

• Review out-sourced services (i.e. towing, lawn care) for in-sourced options and maximizing state reimbursement opportunities.

• Pursue additional not-for-profit service agreements like the one with Syracuse University. We cannot afford to ignore the fact that over 50% of our real estate parcels are tax exempt.

• At the same time, the City must continue to recognize that "Eds and Meds" represent a large portion of our employment base and commerce. These employers and employees are critical to our financial well-being. Syracuse must remain an inviting place to work, play, and live. 

Expenses

• Pursue administrative efficiencies with a renewed vigor. Data driven processes and technological improvements have positioned the City to significantly reduce expenses. There is more to be done like addressing healthcare costs, overtime spending, fleet management, and furthering procurement reform.

• Centralize and civilianize back office services wherever possible. Skilled staff in Parks, DPW, Fire and Police must have appropriate resources to deliver on their core missions - without being unduly burdened by routine administrative tasks.

• Expand enforcement of expense offsets already in place (i.e., parking regulations and HazMat services.)

• Enforcing City ordinance compliance carries a huge cost that should be borne by those who are not compliant. At the same time, we need to ensure we are maximizing fees and licensing enforcement opportunities. 

• The City has made great strides with its safety program, realizing savings in workers compensation costs, but there is still more to do. A program where everyone wins - taxpayers save money while we maximize employee well-being.

Ancillary

• Maintain the City's improved bond A+ rating - and increase the positive perception of the rating agency and investors who purchase the City's debt. Bonds are lifeblood of our capital projects and we must be able to borrow on the most favorable rates and terms.

• Improve the City's ability to become an employer of choice - attracting the best and brightest to work and live in the City. There must be a renewed focus on attracting certified professionals: engineers, accountants, attorneys, and technologists who all have many other opportunities.

A Picture of Success

By achieving financial sustainability, where the City's expenses no longer exceed its revenue and we maintain a healthy reserve fund,  we will be positioned to accelerate new investments in our shared future  - residents, businesses and neighborhoods. For example, fully funding the Housing Strategy Corporation that will attract new residents and businesses to revitalize our neighborhoods.