by Contributor | August 13, 2024 7:49 am
Mayor Robert A. Corradino has proposed his 2025 city operating budget to the Oswego Common Council, his first budget as mayor but the ninth budget he has been involved with since he became a councilor in 2016. Mayor Corradino’s $ 56,675,117 spending plan calls for a modest 5% tax increase that does not use any general fund to balance the budget. This is the first such increase in eight years, and it is a direct result of contractual obligations, debt service, insurance, healthcare, retirement, and fuel cost increases. The tax rate in 2024 is $15.29/$1000 but will decrease to $ 10.51/$1000 in 2025 with the proposed budget.
The proposed 2025 budget allocates $ 6,008,915 for the Oswego Fire Department, $ 7,336,623 for the Oswego Police Department and $ 7,674,046 for the Oswego Department of Public Works. In summary, the city budget consists of 54% personnel costs, 21% contractual obligations, 13% for fringe benefits, 10% debt, and 2% for equipment.
2025 Budget Highlights
“While we have worked diligently to maintain fiscal stability, the realities of rising costs have necessitated a modest property tax increase of 5%. This is the first such increase in eight years, and it is a direct result of contractual obligations, debt service, insurance, healthcare, retirement, and fuel cost increases. Our commitment to fiscal responsibility remains unwavering. This budget reflects careful scrutiny of every line item to ensure that taxpayer dollars are allocated efficiently and effectively. I am confident that we have balanced the need for essential services with the desire to minimize the financial burden on our residents,” said Mayor Corradino.
The Oswego Common received the proposed executive 2025 budget during the Monday, August 12th Common Council meeting. They will review the budget and discuss whether to accept the proposed budget or to amend it by resolution. Any amendments made by the Common Council by resolution that changes the appropriations will affect the proposed tax rate. The Council is expected to vote on the budget during the Common Council meeting scheduled for Monday, August 26th following a mandatory public hearing. The mayor’s budget is available for review by the public on the city’s website at www.oswegony.org.
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