(WNY News Now) The projected budget for Lockport for 2025 is being examined, and the main conclusions point to areas for adjustment and economic discipline.
Lockport, New York The accuracy and viability of the City of Lockport’s planned 2025 budget have been examined. Significant revenue and expenditure predictions seem feasible, according to the independent assessment of New York State Comptroller Thomas P. DiNapoli, indicating that the city is on a stable financial path heading into the upcoming fiscal year.
The study states that suggested overtime allocations for 2025 are deemed appropriate and that the city’s fire department is expected to adhere to its 2024 overtime budget. In October 2024, the Common Council made a significant change by amending the 2024 budget to include $156,073 in unexpected state help for the fire department’s new ambulance purchase. The Director of Finance decided to reallocate $165,000 from the fire department’s 2025 budget to other unidentified areas as a result of this acquisition.
An important change was made to the city’s projections of ambulance revenue. The forecasts, which were first set at $1,025,786, were changed to $991,420 in order to account for more precise patterns in income collection. Actual collections reached about $941,000 by September 30, 2024.
A $13,853,089 tax charge is also included in the proposed budget. Although this amount falls within reasonable estimates, the evaluation stressed the importance of paying close attention to the legal necessity to keep the tax levy rise at or below the legal cap. Before the budget is finalized, any excessive increase would need to be formally overridden.
Key Recommendation: Unless a suitable override is enacted before the budget’s final approval, the city must make sure that the tax levy increase stays below the legal limit.