Sean Ryan Proposes Bonds as Solution for Buffalo's Budget Woes
BUFFALO, N.Y. (WIVB) — On Sunday, New York State Senator Sean Ryan addressed the public at Niagara Square to unveil his strategy for tackling the fiscal issues faced by the city of Buffalo—the use of deficit finance bonds.
"We need to consider options that genuinely offer a balanced structure for our budget. This is the answer," stated Ryan.
Ryan suggested proposing a law aimed at enabling the Buffalo Control Board to authorize a deficit-financing bond to bridge the city’s budget shortfall for this year as well as over the subsequent four-year period.
"This represents restructuring. This is how you accomplish it and this is how you correct your structural imbalance," explained Ryan.
These bonds aim to assist local administrations in addressing present financial gaps, enabling them to concentrate on stabilizing their budgets over the long term.
Acting Mayor Chris Scanlon found the plan "ludicrous."
"If I'm being truthful, I find this hilarious," stated Scanlon. "Today, the senator is just discussing taking loans and increasing our debt along with additional interest charges," explained Scanlon.
Ryan stated that the city plans to utilize ongoing revenue streams to fund the bond gradually. He further noted that this approach would prevent residents from experiencing tax increases or reductions in services.
"The debt burden that the city carries… cannot be resolved using our present revenue streams. Implementing significant tax hikes would be too disruptive," stated Ryan.
Scanlon’s proposal, supported by NYS Assembly Majority Leader Crystal Peoples-Stokes, aims to introduce a 3% hotel occupancy tax and sell off city-owned parking structures as measures to help balance the budget.
“we have developed innovative strategies to generate income and sustain our present earnings streams while also expanding them,” stated Scanlon.
Scanlon's proposals are pending state approval. In response to inquiries about what will be included in the state's budget to tackle Buffalo's deficit, Governor Kathy Hochul remarked that she "is aware of Crystal Peoples-Stokes' significant influence here." She added that they have discussed the matter but it remains unresolved as of now.
Letters recently sent by Buffalo Comptroller Barbara Miller-Williams to the mayor’s office, as well as a communication from County Executive Mark Poloncarz to the Buffalo Fiscal Stability Authority, express concerns about Scanlon’s proposal.
"They all share this consistently negative, bleakly pessimistic outlook on every issue… we don’t see things through that lens. We don’t function in that manner," stated Scanlon.
Ryan is hopeful that the bill will get approved before the Buffalo Common Council completes the budget process in the coming month, whereas Scanlon remains upbeat about the state budget supporting his proposal.
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