BUFFALO, N.Y. (WKBW) — Significant property tax increases will be part of Buffalo Mayor Sean Ryan's first proposed budget, with the city needing to boost the tax levy by at least 15 percent, according to Buffalo Deputy Mayor Benjamin Swanekamp.
Confirming the planned increase to 7 News, Swanekamp said a 15 percent bump will be the "absolute very bare minimum" needed to stabilize the city's cash flow.
"We frankly will need more, actually," Swanekamp added.
He explained the exact increase depends on key factors, such as the timing of a $30 million handout from the state, along with the amount of state aid Buffalo is slated to receive.
In the Buffalo Fiscal Stability Authority's meeting on Monday, attendees heard the city plans to use that $30 million in state assistance to plug a projected $20 to $30 million budget deficit for the end of the fiscal year.
WATCH: Buffalo's deputy mayor says property tax hikes are coming
But a tax increase is still required for the city's fiscal health, according to Swanekamp.
"In the end, the budgets have to actually balance," Swanekamp said.
"If folks want to see the services that they demand and need in terms of public safety, quality of roads and the government actually being responsive to people's needs, then the math has to work out," Swanekamp said.
The planned boost will amount to the average Buffalo homeowner paying around $20 more each month, he added.
Property tax rates stayed largely flat under the Brown administration, with no significant increases during his 20-year tenure.
Ryan will present his proposed budget on April 15 and the Buffalo Common Council will have until May 26 to make any amendments.
